Parking Facilities Corporation
- Assets
- $111.2m
- Revenue
- $14.7m
- Investments
- $0.0
- Employees
- 0
- Location
- New Orleans, LA
- Founding
- 09/2001
- Data as of
- 12/2021
- EIN
- 72-1483958
Organization Overview
Parking Facilities Corporation is located in New Orleans, LA. The organization was established in 2001. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, 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. Parking Facilities Corporation 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 12/2021, Parking Facilities Corporation generated $14.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $19.9m during the year ending 12/2021. While expenses have increased by 9.7% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE SPECIFIC AND PRIMARY PURPOSE FOR WHICH THIS CORPORATION WAS FORMED IS TO DESIGN, FINANCE, CONSTRUCT, EQUIP, MAINTAIN, AND OPERATE, OR CAUSE TO BE MAINTAINED AND OPERATED, ONE ORE MORE PARKING GARAGE FACILITIES AT THE AIRPORT TO BE USED BY THE TRAVELING PUBLIC AT THE LOUIS ARMSTRONG INTERNATIONAL AIRPORT AND BY THE EMPLOYEES OF THE NEW ORLEANS AVIATION BOARD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION HAS INCURRED EXPENSES IN THE OPERATION OF THE PARKING GARAGE FACILITY USED BY THE TRAVELING PUBLIC AT THE LOUIS ARMSTRONG INTERNATIONAL AIRPORT AND BY THE EMPLOYEES OF THE NEW ORLEANS AVIATION BOARD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Romig President | OfficerTrustee | 1 | $0 |
Arkebia Matthews Johnson Treasurer | OfficerTrustee | 1 | $0 |
Holly Sharp Secretary | OfficerTrustee | 1 | $0 |
Dr Norman Francis Board Member | Trustee | 1 | $0 |
Shawn Barney Board Member | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $14,758,276 |
| Investment income | $1,629 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$12,301 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,747,604 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $304,232 |
| 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 | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $6,953,392 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,956,559 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,255,406 |
| Insurance | $0 |
| All other expenses | $4,478,464 |
| Total functional expenses | $19,948,053 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $10,159,461 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $381,391 |
| 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 | $90,577,927 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,735,018 |
| Intangible assets | $0 |
| Other assets | $1,361,302 |
| Total assets | $111,215,099 |
| Accounts payable and accrued expenses | $1,932,812 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $114,874,697 |
| 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 | $9,460,596 |
| Total liabilities | $126,268,105 |
| Net assets without donor restrictions | -$15,053,006 |
| 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 | $111,215,099 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Parking Facilities Corporation New Orleans, LA | $111,215,099 | $14,747,604 |
Kingdom Builders Center Of Houston Texas Inc Houston, TX | $28,395,057 | $4,665,269 |
Dkg Supporting Corporation Austin, TX | $0 | $167,191 |
Employer Services Assurance Corporation Little Rock, AR | $1,737,233 | $2,709,348 |
Decoursey Properties Amarillo, TX | $7,188,504 | $6,250,317 |
Delta Council Stoneville, MS | $3,990,808 | $1,720,219 |
South Houston Economic Development Corp South Houston, TX | $1,182,737 | $1,189,998 |
Oedc Land Corporation Monroe, LA | $388,507 | $3,491 |
Cement & Concrete Promotion Council Of Texas Hurst, TX | $1,410,214 | $1,117,596 |
Trec Special Events Inc Dallas, TX | $458,291 | $1,071,439 |
San Antonio Junior Forum Charities Inc San Antonio, TX | $0 | $18,445 |
Texas Business Leadership Council Austin, TX | $139,586 | $794,093 |