Pike Place Market Qb2
- Assets
- $32.9m
- Revenue
- $6.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Seattle, WA
- Founding
- Data as of
- 12/2017
- EIN
- 27-2992712
Organization Overview
Pike Place Market Qb2 is located in Seattle, WA. Pike Place Market Qb2 is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2017, Pike Place Market Qb2 generated $6.4m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $7.6m during the year ending 12/2017. While expenses have increased by 1.8% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2017
Describe the Organization's Mission:
Part 3 - Line 1
PIKE PLACE MARKET QB2 WAS CREATED BY PIKE PLACE MARKET PDA TO FACILITATE NEW MARKETS TAX CREDIT FINANCING TO SUPPLEMENT THE LEVY PROCEEDS (TAX LEVY APPROVED BY THE SEATTLE CITIZENS IN 2008) WHICH PROVIDE FUNDS TO REPAIR AND REHABILITATE MANY OF THE PIKE PLACE MARKET'S BUILDINGS. PIKE PLACE MARKET QB2 (PPM QB2) IS A WASHINGTON NONPROFIT MEMBERSHIP CORPORATION OF WHICH PIKE PLACE MARKET PDA IS THE SOLE MEMBER. PPM QB2 WAS ORGANIZED TO ASSIST PPM PDA IN ACCOMPLISHING PDA'S PUBLIC PURPOSE. PPM QB2 WILL UNDERTAKE THE REHABILITATION AND COMPLETION OF CONSTRUCTION OF THE FOLLOWING BUILDINGS WHICH HAVE BEEN LEASED FROM PIKE PLACE MARKET PDA UNDER A MASTER LEASE AGREEMENT: CORNER, SANITARY, TRIANGLE, SOAMES- DUNN, ECONOMY, STEWART. PPM QB2 WILL BE RESPONSIBLE FOR THE COSTS ASSOCIATED WITH THE IMPROVEMENT, RESTORATION, REPAIR, REMODELING, REPLACEMENT, MAINTENANCE, OPERATION, LEASING, AND MANAGEMENT OF THE ABOVE BUILDINGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PPM QB2 UNDERTOOK THE REHABILITATION AND COMPLETION OF CONSTRUCTION OF THE FOLLOWING BUILDINGS WHICH HAVE BEEN LEASED FROM PIKE PLACE MARKET PDA UNDER A MASTER LEASE AGREEMENT: CORNER, SANITARY, TRIANGLE, SOAMES-DUNN, ECONOMY, STEWART. PPM QB2 WILL BE RESPONSIBLE FOR THE COSTS ASSOCIATED WITH THE IMPROVEMENT, RESTORATION, REPAIR, REMODELING, REPLACEMENT, MAINTENANCE, OPERATION, LEASING, AND MANAGEMENT OF THE ABOVE BUILDINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jackson Schmidt President | OfficerTrustee | 1 | $0 |
Jim Savitt Vice President | Trustee | 1 | $0 |
Ann Magnano Vice President | Trustee | 1 | $0 |
Lillian Sherman Vice President | Trustee | 1 | $0 |
Ernie Sherman Vice President | Trustee | 1 | $0 |
Gloria Skouge Secretary And Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $6,424,123 |
| Investment income | $117 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,424,240 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,174,570 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $476,286 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $182,498 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $686,949 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $934,974 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $7,590,828 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $955,102 |
| Savings and temporary cash investments | $84,278 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $501,996 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $30,525,683 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $826,500 |
| Other assets | $0 |
| Total assets | $32,893,559 |
| Accounts payable and accrued expenses | $715,681 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $33,583,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $34,298,681 |
| Unrestricted restricted net Assets | -$1,405,122 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | -$1,405,122 |