Worcester Public Market Inc
- Assets
- $5.5m
- Revenue
- $794.6k
- Investments
- $0.0
- Employees
- 29
- Location
- Worcester, MA
- Founding
- 06/2017
- Data as of
- 12/2022
- EIN
- 81-5178390
Organization Overview
Worcester Public Market Inc is located in Worcester, MA. The organization was established in 2017. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Worcester Public Market Inc employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester Public Market 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 12/2022, Worcester Public Market Inc generated $794.6k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 51.4% each year . All expenses for the organization totaled $679.6k 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
TO ENGAGE IN A VARIETY OF FOOD-RELATED RETAIL ACTIVITIES THAT CONTRIBUTE TO URBAN REVITALIZATION, ECONOMIC DEVELOPMENT, JOB CREATION, FARM-TO-CONSUMER AGRICULTURAL ENHANCEMENT, AND CULTURAL EXCHANGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACCOMMODATE A BROAD SPECTRUM OF SIZES AND TYPES OF MERCHANTS FROM INDIVIDUAL STALL-TYPE VENDORS TO ENCLOSED SHOPS; AND FROM RAW PRODUCE TO VALUE-ADDED FOOD PRODUCTS AND READY-TO-EAT FOODS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edith Murnane Director | Trustee | 1 | $0 |
Frank Zitomersky Director | Trustee | 1 | $0 |
Allen Fletcher President | Officer | 10 | $0 |
Raymond Quinlan Treasurer | Officer | 3 | $0 |
Carmen Vazquez Clerk | Officer | 3 | $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 | $540,133 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $540,133 |
| Total Program Service Revenue | $0 |
| Investment income | $234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $154,116 |
| 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 | $100,135 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $794,620 |
| 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 | $259,272 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $35,963 |
| Fees for services: Management | $1,180 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,870 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,899 |
| Office expenses | $15,319 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $83,691 |
| 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 | $47,004 |
| Insurance | $6,379 |
| All other expenses | $0 |
| Total functional expenses | $679,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $212,027 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $376,752 |
| Accounts receivable, net | $8,315 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $39,675 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,677,165 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,199,260 |
| Total assets | $5,513,194 |
| Accounts payable and accrued expenses | $22,489 |
| 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 | $3,146,345 |
| Total liabilities | $3,168,834 |
| Net assets without donor restrictions | $1,967,608 |
| Net assets with donor restrictions | $376,752 |
| 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 | $5,513,194 |