Newbo City Market
Public records show a registered, tax-exempt organization in good standing.
What it says it does
FOSTER ECONOMIC DEVELOPMENT BY UPLIFTING ENTREPRENEUERS AND ARTISTS THROUGH AN EQUITABLE BUSINESS INCUBATOR, ACCESSIBLE PUBLIC PROGRAMMING, AND A COMMUNITY GATHERING SPACE.
- Income
- $2.5 million
- Spending
- $1.1 million
- Spent on programs
- 59%
- Reserves
- -9.2 months of spending
- Largest source of income
- donations and private grants, 73%
- Employees
- 30
- Volunteers
- 20
- Highest pay
- $108,496, executive director
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Fair: 58 out of 100. Higher than 31% of charities in its peer group (community improvement, $1m to $10m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
20 of 20It owes 14% of what it owns.
Living within its means
15 of 15Income exceeded spending by 54% of income.
Income trend
15 of 15Income rose 132% on the year before.
Spending floor
8 of 1559% of spending went to programs and raising each dollar of donations cost 4 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 68% of charities in its peer group (community improvement, $1m to $10m).
Independent board
25 of 2516 of 16 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (3)
- $275,796 spent. ECONOMIC DEVELOPMENT: NEWBO CITY MARKET IS A NONPROFIT ORGANIZATION SHOWCASING OUR COMMUNITY'S ASSETS, INSPIRATION, AND POTENTIAL BY CULTIVATING NEW BUSINESSES AND ENTREPRENEURSHIP AND BY SUPPORTING LOCAL ARTISTS AND ARTISANS, HARNESSING THE POWER OF CULTURE AND CREATIVITY TO DRIVE ECONOMIC GROWTH AND TO BUILD THE CHARACTER AND QUALITY OF OUR COMMUNITY. THIS CORE OF THIS MISSION IS COMMUNITY-BASED ECONOMIC DEVELOPMENT BY USING LOCAL RESOURCES IN A WAY THAT ENHANCES ECONOMIC OPPORTUNITIES WHILE IMPROVING SOCIAL CONDITIONS IN A SUSTAINABLE WAY. OFTEN COMMUNITY-BASED ECONOMIC DEVELOPMENT INITIATIVES ARE IMPLEMENTED TO OVERCOME CRISES (SUCH AS THE 2008 FLOOD) AND INCREASE OPPORTUNITIES FOR COMMUNITIES THAT ARE DISADVANTAGED. TO MEET THIS GOAL, NEWBO CITY MARKET HAS BECOME BOTH A CULTURAL ORGANIZATION AND AN ECONOMIC DEVELOPMENT INITIATIVE, BLENDING SOCIAL AND ECONOMIC DEVELOPMENT TO FOSTER THE ECONOMIC, SOCIAL, AND CULTURAL WELL-BEING OF OUR COMMUNITY. THE ORGANIZATION LOWERS BARRIERS FOR DIVERSE ENTREPRENEURS AND CREATES A LAUNCH PAD FOR STARTUP AND EARLY-STAGE BUSINESSES THAT HAVE A DISTINCT FOCUS ON LOCAL PRODUCTS. EACH YEAR, THE ORGANIZATION IS HOME TO UP TO 26 SMALL BUSINESSES EMPLOYING OVER 150 PEOPLE AND RECEIVING NEARLY $3 MILLION IN GROSS REVENUE ANNUALLY. SINCE OPENING THE MARKET IN 2012, OVER 20 SMALL BUSINESSES HAVE OR ARE IN THE PROCESS OF GRADUATING FROM THE MARKET AND OPENING STAND-ALONE LOCATIONS IN THE AREA. THE ORGANIZATION ALSO PARNTERS WITH SEVERAL COMMUNITY, MUNICIPAL, AND EDUCATIONAL INSTITUTIONS TO FOSTER ECONOMIC AND WORKFORCE DEVELOPMENT.
- $236,569 spent. COMMUNITY ENGAGEMENT: NEWBO CITY MARKET HAS USED PLACEMAKING AS A METHOD OF ECONOMIC DEVELOPMENT FROM THE BEGINNING WITH BENEFITS THAT HAVE EXTENDED FAR BEYOND ENTICING VISITORS, ENTREPRENEURS, SMALL BUSINESSES, AND CORPORATIONS. THE ORGANIZATION HOSTS OVER 200 ARTS, ENTERTAINMENT, WELLNESS, AND COMMUNITY EVENTS OPEN TO THE PUBLIC; THESE EVENTS PROMOTE THE LOCAL CULTURE, DRIVE ECONOMIC GROWTH FOR BOTH BUSINESSES INSIDE THE ORGANIZATION AND IN THE AREA, AND BUILD THE CHARACTER AND QUALITY OF OUR PUBLIC PLACE. TO LOCAL ECONOMIES RECOVERING FROM A LOSS OF CONVENTIONAL INDUSTRY (SUCH AS THE LOSS OF INDUSTRIAL BUSINESSES IN THE DISTRICT), PLACEMAKING IS A METHOD FOR CAPITALIZING ON EXISTING STRENGTHS, RATHER THAN INVENTING NEW ONES, FOR THE PURPOSE OF DEVELOPING A STRONGER ECONOMY. WE HAVE SEEN STRONG RETURNS TO THE LOCAL ECONOMY FROM TOURISM, AN INTRINSICALLY PLACE-BASED INDUSTRY. PLACEMAKING IS AN ENVIRONMENTALLY FRIENDLY FORM OF ECONOMIC DEVELOPMENT. THE WALKABLE AND BIKEABLE STREETS AND TRAILS THAT ARE FAVORED BY THE PLACEMAKING PHILOSOPHY HAVE MADE A POSITIVE IMPACT ON NOT ONLY BUSINESS SUCCESS, BUT ALSO THE WELLNESS CULTURE OF THE COMMUNITY. WITH OUR OPEN SPACES AS PART OF BOTH THE MARKET'S AND DISTRICT'S IDENTITY, AND THEREFORE OUR DEVELOPMENT STRATEGY, IT HAS BEEN IMPORTANT TO BOTH PROTECT THESE SPACES AND IMPROVE THEM FOR GREATER UTILITY AND ENJOYMENT. PLACEMAKING ENCOURAGES THE RECOGNITION OF LOCAL ARTISTS AND MUSICIANS. IT ALSO PLACES IMPORTANCE ON PRESERVING LOCAL LANDMARKS AND SIGNIFICANT ARCHITECTURE.
- $163,992 spent. NEIGHBORHOOD REVITALIZATION: THE ORGANIZATION RECLAIMED AND REVITALIZED A BLOCK THAT RECEIVED MAJOR FLOOD DAMAGE IN THE CITY-WIDE FLOOD OF 2008 AND HELPS DRIVE THE REDEVELOPMENT AND REVITALIZATION OF THE CZECH VILLAGE/NEW BOHEMIA DISTRICT. THE SPACE IS BECOMING A MAJOR ATTRACTION FOR THE CITY OF CEDAR RAPIDS AND THE SURROUNDING AREA. IN 2018, THE MARKET ATTRACTED OVER 500,000 PEOPLE TO THIS REVITALIZED AREA AND HELD OVER 200 COMMUNITY EVENTS. THE MARKET ALSO HELPS BUILD A "LOCALIZED ECONOMY," BOTH INSIDE THE MARKET AND THROUGHOUT THE DISTRICT. OUR LOCALIZED ECONOMY IS IDENTIFIED BY SEVERAL BUSINESSES IN CLOSE PROXIMITY THAT ALL SHARE THE TRAITS AND VALUES OF ENTREPRENEURSHIP, ARTS AND ENTERTAINMENT, SMALL BUSINESS, LOCALLY-SOURCED PRODUCTS, AND LOCALLY-BASED TALENT WITH AN ECLECTIC BUSINESS CULTURE THAT VALUES WHAT IS UNIQUE AND "FUNKY". "NEWBO" HAS BECOME SYNONYMOUS WITH "ENTREPRENEURSHIP" IN CEDAR RAPIDS.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since August 2010.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.