Charlotte City Market
- Assets
- $961.6k
- Revenue
- $451.4k
- Investments
- $0.0
- Employees
- 3
- Location
- Charlotte, NC
- Founding
- 12/2010
- Data as of
- 06/2022
- EIN
- 27-4202998
Organization Overview
Charlotte City Market, operating under the name The Market At 7th Street, is located in Charlotte, NC. The organization was established in 2010. According to its NTEE Classification (E70) the organization is classified as: Public Health, under the broad grouping of Health Care and related organizations. As of 06/2022, Market At 7th Street employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Market At 7th Street is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Market At 7th Street generated $451.4k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.6%) each year. All expenses for the organization totaled $668.8k during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CHARLOTTE CITY MARKET IS ORGANIZED AND OPERATED IN UPTOWN CHARLOTTE, NORTH CAROLINA EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES, SMALL BUSINESS INCUBATION, ACCESS TO FRESH, LOCALLY SOURCED FOOD AND COMMUNITY WELLNESS. CHARLOTTE CITY MARKET SUPPORTS A YEAR-ROUND FACILITY. THAT SERVES AS A CENTER FOR NEW FOOD AND RETAIL BUSINESS INCUBATION, ECONOMIC MOBILITY THROUGH ENTREPRENEURSHIP, COMMUNITY WELLNESS AND PUBLIC EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MARKET RESERVES A PERCENTAGE OF SPACES FOR NEW, SMALL, FOOD AND RETAIL BUSINESSES THAT HAVE NOT HAD A BRICK-AND-MORTAR STOREFRONT IN THE PAST. THE MARKET PROVIDES BELOW-MARKET RENT, MARKETING SUPPORT, EDUCATION, AND MENTORSHIP SUPPORT THROUGH THE FIRST CRITICAL YEARS OF OPERATION.
MANY OF THE MARKET'S DIVERSE, YOUNG ENTREPRENEURS ARE NON-TRADITIONAL BUSINESS OWNERS WHO ARE LAUNCHING THEIR FIRST BUSINESSES. THE MARKET SUPPORTS THEM AS THEY NAVIGATE THE FIRST YEARS AND FIND THEIR ECONOMIC FOOTING.
THE MARKET VIEWS DIVERSITY AND INCLUSION AS PART OF COMMUNITY WELLNESS AND THE BASIS FOR A WELCOMING COMMONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hendrick Ellis Director | Trustee | 1 | $0 |
Scott Harris Director | Trustee | 1 | $0 |
Daniel B Murrey MD Mpp Director | Trustee | 1 | $0 |
Laura Peres Director | Trustee | 1 | $0 |
Mike Restaino Director | Trustee | 1 | $0 |
Gina Sheridan Director | Trustee | 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 | $155,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $155,500 |
| Total Program Service Revenue | $289,361 |
| Investment income | $0 |
| 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 | $451,434 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $188,486 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,237 |
| Payroll taxes | $4,879 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,394 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,868 |
| Advertising and promotion | $22,528 |
| Office expenses | $29,503 |
| Information technology | $1,000 |
| Royalties | $0 |
| Occupancy | $197,217 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,883 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $47,692 |
| Insurance | $13,627 |
| All other expenses | $0 |
| Total functional expenses | $668,838 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $136,206 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,174 |
| 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 | $796,213 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $961,593 |
| Accounts payable and accrued expenses | $53,573 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,130 |
| Total liabilities | $65,703 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $895,890 |
| Total liabilities and net assets/fund balances | $961,593 |