62 Market Street Inc
- Assets
- $2.1m
- Revenue
- $130.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Wailuku, HI
- Founding
- 05/2019
- Data as of
- 06/2022
- EIN
- 37-1549202
Organization Overview
62 Market Street Inc is located in Wailuku, HI. The organization was established in 2019. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 62 Market Street Inc 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, 62 Market Street Inc generated $130.5k in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $323.4k 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
TO IMPROVE THE QUALITY OF LIFE, BOTH ECONOMICALLY AND SOCIALLY, OF RESIDENTS OF THE COUNTY OF MAUI WITH AN URBAN REVITALIZATION PROPERTY DEVELOPMENT PROJECT WITH A UNIQUE MIXED-USE DESIGN OF A BUSINESS INCUBATOR AND COMMERCIAL KITCHEN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOKAHI PACIFIC BUSINESS INCUBATOR PROVIDES PRIVATE OFFICE SPACE, BUSINESS SUPPORT AND COUNSELING SERVICES, AND STATE-OF-THE-ART EQUIPMENT AND AMENITIES FOR UP TO 9 START-UP OR EXPANDING SERVICE AND PROFESSIONAL BUSINESSES. 62 MARKET STREET INC.'S VIRTUAL OFFICE IS A SHARED OFFICE SERVICE, WHICH NORMALLY INCLUDES BUSINESS ADDRESS, MAIL & COURIER SERVICES, PHONE, FAX ANSWERING & WEB-HOSTING SERVICES, AND MEETING & CONFERENCE FACILITIES.
THE KITCHEN IS A LICENSED COMMERCIAL KITCHEN AVAILABLE TO ANY COMMUNITY MEMBER OR ORGANIZATION INTERESTED IN STARTING UP OR WORKING IN A SPECIALTY FOOD BUSINESS. THIS WILL PROVIDE START-UP FOOD BUSINESSES THE OPPORTUNITY TO EXPLORE FOOD PRODUCTION WITHOUT THE HIGH COST OF BUYING THEIR OWN EQUIPMENT OR CONSTRUCTING THEIR OWN BUILDING. IN ADDITION, THE SMALL BUSINESS INCUBATOR WILL OFFER TECHNICAL ASSISTANCE IN FOOD PRODUCTION AS WELL AS GENERAL BUSINESS MANAGEMENT SKILLS, NETWORKING OPPORTUNITIES AMONG ENTREPRENEURS, AND THE OPPORTUNITY TO FORM SHARED SERVICE COOPERATIVES FOR MARKETING, DISTRIBUTION, AND SUPPLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark D Reck Chairman | OfficerTrustee | 0.12 | $0 |
Reynold Butch M Gima Vice-Chair | OfficerTrustee | 0.12 | $0 |
Scott Hal Smith Pa-C Secretary | OfficerTrustee | 0.12 | $0 |
Greg Knue Treasurer | OfficerTrustee | 0.12 | $0 |
Viola Mundrick-Wichman Director | Trustee | 0.12 | $0 |
Jeffrey Ellison Director | Trustee | 0.12 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,031 |
| All other contributions, gifts, grants, and similar amounts not included above | $330 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,361 |
| Total Program Service Revenue | $120,127 |
| 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 | $130,488 |
| 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. | $43 |
| Compensation of current officers, directors, key employees. | $21 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $42,953 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $15,753 |
| Payroll taxes | $4,536 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,620 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $7,168 |
| Information technology | $691 |
| Royalties | $0 |
| Occupancy | $72,497 |
| Travel | $0 |
| 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 | $158,239 |
| Insurance | $12,982 |
| All other expenses | $0 |
| Total functional expenses | $323,446 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $2,056,005 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,056,005 |
| Accounts payable and accrued expenses | $14,697 |
| 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 | $2,836,906 |
| Total liabilities | $2,851,603 |
| Net assets without donor restrictions | -$795,598 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,056,005 |