Overview
What is Friends Of Global Market Inc?
Friends of Global Market Inc is a nonprofit organization based in Minneapolis, Minnesota, specifically at 920 E Lake Street G10. Their primary mission is to support and strengthen Midtown Global Market, a vibrant cultural marketplace that houses over 32 locally-owned businesses. By offering training and resources at no cost to the entrepreneurs and small businesses within the market, Friends of Global Market aims to preserve Midtown Global Market as a valuable community resource that promotes small business growth, cultural diversity, and affordable programming. In essence, Friends of Global Market Inc serves as an advocate and ally to the market, ensuring its sustainability and success for future generations.
Official website here: www.friendsofglobalmarketorg
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning it a Two-Star out of Four Star rating. This rating indicates that Friends Of Global Market Inc meets some standards of accountability and transparency but has notable areas for improvement. The organization's strong financial management is reflected in a high program expense ratio of 98.07%, suggesting that the majority of its funds are directed towards its charitable programs.
The nonprofit features a fully independent board, which is a positive aspect for governance, and it has no material diversion of assets, indicating sound financial practices. However, there are significant limitations, such as the absence of a whistleblower policy and document retention and destruction policies, which could impact its transparency and accountability.
Overall, while Friends Of Global Market Inc demonstrates solid financial commitment to its mission, the lack of certain policies points to potential governance weaknesses that stakeholders might want to consider when evaluating the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Friends Of Global Market Inc legitimate?
Friends Of Global Market Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Friends Of Global Market Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $262
Other Salaries and Wages: $75,397
For more financial information, click here
Official website here: www.friendsofglobalmarketorg
What is the mission statement of Friends Of Global Market Inc?
Friends of Global Market Inc is committed to supporting the Midtown Global Market as a vital community resource. This resource promotes small businesses, fosters cultural diversity, and provides free or low-cost programming. The organization's mission is to back the entrepreneurs and small businesses within the market, offering training and support at no cost to them. By doing so, Friends of Global Market helps maintain the Midtown Global Market as a valuable resource for its small business owners and the community, contributing to its long-term legacy.
Official website here: www.friendsofglobalmarketorg
Who is the CEO of Friends Of Global Market Inc?
Mihailo Temali is the President of Friends Of Global Market Inc.
Official website here: www.friendsofglobalmarketorg
What is the revenue of Friends Of Global Market Inc?
Friends Of Global Market Inc's revenue in 2022 was $649,074.
Official website here: www.friendsofglobalmarketorg
Who are the executives of Friends Of Global Market Inc and what are their salaries?
There 8 volunteers at Friends Of Global Market Inc.
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.friendsofglobalmarketorg
Where can I find the form 990 for Friends Of Global Market Inc?
Friends Of Global Market Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.friendsofglobalmarketorg
Learn more at the official website: www.friendsofglobalmarketorg
Mission Statement of Friends Of Global Market Inc
Friends of Global Market Inc is committed to supporting the Midtown Global Market as a vital community resource. This resource fosters small businesses, promotes cultural diversity, and offers a variety of free or low-cost programming. The organization's mission is twofold: firstly, it aims to uphold the Midtown Global Market as a vibrant, cultural hub where communities gather. Secondly, Friends of Global Market Inc focuses on training and supporting the entrepreneurs and small businesses within the market, at no cost to them.
By doing so, Friends of Global Market Inc helps preserve the legacy of the Midtown Global Market as a resourceful space for small business owners. The organization, through its efforts, plays a significant role in bolstering the market's community development mission, which is not driven by profit motives. The ultimate goal is to empower local entrepreneurs and ensure that the Midtown Global Market continues to thrive as a hub of diversity and opportunity.
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Impact
July, 2024
Friends Of Global Market Inc has had a significant impact in supporting the Midtown Global Market as a vital community resource that promotes small businesses, cultural diversity, and free/low-cost programming. The market, with over 32 locally-owned businesses, has become a vibrant cultural hub in Minneapolis, Minnesota, attracting national attention as a space where communities come together.
By providing training and support to entrepreneurs and small businesses within the market at no cost to them, Friends Of Global Market Inc plays a crucial role in fulfilling the community development mission of the Midtown Global Market. This support not only helps entrepreneurs bring their business dreams to life but also contributes to the overall growth and success of the market.
Through building connections and fostering a sense of community around the market, Friends Of Global Market Inc helps to maintain it as a valuable resource for small business owners and the community at large. By supporting the mission of the Midtown Global Market, Friends Of Global Market Inc is actively contributing to the legacy and continued success of this important community asset.
This information is meant to be a general summary of Friends Of Global Market Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $26
- Program Service Revenue: $33,224
- Gross Receipts: $679,597
Assets and Liabilities:
- Total Assets: $348,098
- Total Liabilities: $142,177
- Net Assets: $205,921
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TOURS & DEMOS
Revenue
$24,570
SPACE RENTAL
Revenue
$6,207
MN STATE FAIR
Revenue
$2,447
Organization Details
Founding Year
2017
Phone
(612) 718-3023Principal Officer
Mihailo Temali
Main Address
920 E LAKE STREET G10, MINNEAPOLIS, MN, 55407
Website
www.friendsofglobalmarketorgNTEE Category
Code: S30 - Community improvement
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