Newbo City Market

Analysis

Newbo City Market is a registered charity in United States, based in Cedar Rapids, IA. It received its IRS tax-exemption ruling in August 2010, 16 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Newbo City Market reported income of $1.1m and spending of $1.1m, spending 100% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $828k to $1.1m (+30%), an average of +6.8% a year. The sharpest change came in the year to December 2022, when income rose by 69%. Over the whole period it spent 110% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Newbo City Market sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 82nd percentile within IA. Charities of a similar size with the same main cause include Vital Link Education-Business Consortium ($1.1m), Cuban Club Foundation Inc ($1.1m) and Breakthrough Cincinnati Inc ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 49% and program service revenue 42% of the total. Compensation of current officers, directors and key employees was $93k (8.7% of expenses). Other salaries and wages came to $361k. At year end it held assets of $2.8m against liabilities of $647k, net assets of $2.2m. It reported 26 employees.