Eastern Market Corporatioin
- Assets
- $10.9m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 84
- Location
- Detroit, MI
- Founding
- 03/2003
- Data as of
- 12/2022
- EIN
- 32-0030432
Organization Overview
Eastern Market Corporatioin, operating under the name Eastern Market Partnership, is located in Detroit, MI. The organization was established in 2003. According to its NTEE Classification (K99) the organization is classified as: Food, Agriculture & Nutrition N.E.C., under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 12/2022, Eastern Market Partnership employed 84 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Eastern Market Partnership 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 12/2022, Eastern Market Partnership generated $4.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.0%) each year. All expenses for the organization totaled $6.0m during the year ending 12/2022. 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
THE MISSION OF EASTERN MARKET CORPORATION ("EASTERN MARKET") IS TO LEVERAGE ITS DYNAMIC HISTORY, MANAGE OPERATIONS, DEVELOP PROGRAMS, BUILD FACILITIES, AND PROVIDE CRITICAL INFRASTRUCTURE TO STRENGTHEN THE EASTERN MARKET DISTRICT, IMPROVE ACCESS TO HEALTHY, GREEN, AFFORDABLE, AND FAIR FOOD CHOICES IN DETROIT AND THROUGHOUT SOUTHEAST MICHIGAN, AND FORTIFY THE FOOD SECTOR AS A PILLAR OF REGIONAL ECONOMIC GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLIC MARKET ACTIVITIES: FEES FOR THE USE OF MARKET FACILITIES AND LOTS, AS WELL AS SHED STALL LEASES TO PROVIDE MARKET VENDORS ACCESS TO THE PUBLIC IN A CENTRALIZED LOCATION INCLUDING 52 SATURDAY MARKETS, NUMEROUS SUNDAY AND TUESDAY MARKETS, AND SEVERAL PRIVATE FACILITY RENTALS
FOOD ACCESS SUPPORT PROGRAM: COMMUNITY BASED POP-UP MOBILE MARKET THAT IMPROVES ACCESS TO FRESH, HEALTHY FOOD AND PROVIDES NUTRITION EDUCATION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cindy Pasky Chair | OfficerTrustee | 1 | $0 |
Donald Rencher Vice-Chair | OfficerTrustee | 1 | $0 |
Drew Patrick Treasurer | OfficerTrustee | 1 | $0 |
Judith Mcneely Secretary | OfficerTrustee | 1 | $0 |
Bj Belcoure Director | Trustee | 1 | $0 |
Jay Bonahoom Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Means Group Construction | 12/30/20 | $2,894,719 |
Integrity Builder Group Construction | 12/30/20 | $211,860 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $149,412 |
| Related organizations | $354,370 |
| Government grants | $678,138 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,227,269 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,409,189 |
| Total Program Service Revenue | $0 |
| Investment income | $118,981 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $30,000 |
| Net Rental Income | $1,403,274 |
| Net Gain/Loss on Asset Sales | -$78,830 |
| Net Income from Fundraising Events | -$108,809 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $27,223 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,869,009 |
| 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. | $198,303 |
| Compensation of current officers, directors, key employees. | $29,745 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,385,169 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,227 |
| Fees for services: Accounting | $25,778 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $439,792 |
| Advertising and promotion | $47,618 |
| Office expenses | $260,252 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $484,427 |
| Travel | $32,135 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $689,138 |
| Insurance | $75,996 |
| All other expenses | $27,845 |
| Total functional expenses | $6,029,449 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $411,588 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $165,950 |
| Accounts receivable, net | $122,251 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $176,093 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,709,441 |
| Net Land, buildings, and equipment | $8,251,465 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $101,092 |
| Total assets | $10,937,880 |
| Accounts payable and accrued expenses | $192,872 |
| Grants payable | $0 |
| Deferred revenue | $91,387 |
| 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 | $20,474 |
| Total liabilities | $304,733 |
| Net assets without donor restrictions | $8,463,953 |
| Net assets with donor restrictions | $2,169,194 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $10,937,880 |
Grants Awarded
Over the last fiscal year, Eastern Market Corporatioin has awarded $793,413 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
MICHIGAN FARM TO FREEZER PURPOSE: GROWING COMMUNITIES INITIATIVE | $369,160 |
CHASS CENTER PURPOSE: GROWING COMMUNITIES INITIATIVE | $14,080 |
RUSSELL ST DELI PURPOSE: GROWING COMMUNITIES INITIATIVE | $12,560 |
5 MILE BREWING COMPANY LLC PURPOSE: GROWING COMMUNITIES INITIATIVE | $8,616 |
EASTERN MARKET DEVELOPMENT CORPORATION PURPOSE: START-UP OF ORGANIZATION | $375,576 |
GENESIS HOPE COMMUNITY DEVELOPMENT CORPORATION PURPOSE: GROWING COMMUNITIES INITIATIVE | $8,000 |