Civic Intelligence

Pike Place Market Qb3

EIN 81-1190481 • 501(c)3 • Seattle, WA

Profile

Pike place market qb3 is a washington state nonprofit corporation formed in 2016 to obtain funds under the nmtc program, which commenced in 2016. Pike place market pda is sole corporate member of ppm qb3. During 2016, pda leased commercial space related to marketfront project to ppm qb3 for purposes of renovating and rehabilitating them through the nmtc financing program. Simultaneously, ppm qb3 subleased the space back to the pda with a term expiring on december 2051. Construction ended on june 1st, 2017, and ppm qb3 has collected $416,438 of master lease payments from pike place market pda for the entire year.

85 Pike Street Suite 500Seattle, WA 98101

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2023

Liabilities / Revenue

62nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

7th percentile

-178%

Higher net margin than 7% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

98th percentile

$89,406

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 83.4% of source-year revenue.

501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

10th percentile

-100%

Faster asset growth than 10% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

11th percentile

-75%

Faster revenue growth than 11% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $23,544,116 (-100%) from 2022

Liabilities

Down

$0

Down $10,250,000 (-100%) from 2022

Net Assets

Down

$0

Down $13,294,116 (-100%) from 2022

Operations
Liabilities / Revenue62nd percentileNet Margin7th percentile

Revenue

Down

$107,233

Down $321,697 (-75%) from 2022

Expenses

Down

$298,140

Down $796,537 (-73%) from 2022

Net Income

Up

-$190,907

Up $474,840 (+71%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth10th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2016: $27,311,338Liabilities 2016: $10,308,705Net Assets 2016: $17,002,6332016Assets 2017: $27,179,861Liabilities 2017: $10,589,147Net Assets 2017: $16,590,7142017Assets 2018: $26,251,512Liabilities 2018: $10,315,582Net Assets 2018: $15,935,9302018Assets 2019: $25,541,834Liabilities 2019: $10,261,760Net Assets 2019: $15,280,0742019Assets 2020: $24,948,027Liabilities 2020: $10,326,166Net Assets 2020: $14,621,8612020Assets 2021: $24,213,274Liabilities 2021: $10,253,411Net Assets 2021: $13,959,8632021Assets 2022: $23,544,116Liabilities 2022: $10,250,000Net Assets 2022: $13,294,1162022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2023

Assets$0
Liabilities$0
Net Assets$0
Open 2023 Filing

Operations Trend

Revenue Growth11th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MRevenue 2016: $17,105,905Expenses 2016: $103,272Net Income 2016: $17,002,6332016Revenue 2017: $410,087Expenses 2017: $822,006Net Income 2017: -$411,9192017Revenue 2018: $381,220Expenses 2018: $1,036,004Net Income 2018: -$654,7842018Revenue 2019: $392,612Expenses 2019: $1,048,468Net Income 2019: -$655,8562019Revenue 2020: $404,321Expenses 2020: $1,062,534Net Income 2020: -$658,2132020Revenue 2021: $416,444Expenses 2021: $1,078,442Net Income 2021: -$661,9982021Revenue 2022: $428,930Expenses 2022: $1,094,677Net Income 2022: -$665,7472022Revenue 2023: $107,233Expenses 2023: $298,140Net Income 2023: -$190,9072023

Highlighted filing

2023

Revenue$107,233
Expenses$298,140
Net Income-$190,907
Open 2023 Filing

Filings

Most recent year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$107,233
Expenses
$298,140
Net income
-$190,907
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.11$0.30$0.19
2022Detailed filing. Detailed filing data is available for this year.$23.5$10.3$13.3$0.43$1.09$0.67
2021Detailed filing. Detailed filing data is available for this year.$24.2$10.3$14.0$0.42$1.08$0.66
2020Detailed filing. Detailed filing data is available for this year.$24.9$10.3$14.6$0.40$1.06$0.66
2019Detailed filing. Detailed filing data is available for this year.$25.5$10.3$15.3$0.39$1.05$0.66
2018Detailed filing. Detailed filing data is available for this year.$26.3$10.3$15.9$0.38$1.04$0.65
2017Detailed filing. Detailed filing data is available for this year.$27.2$10.6$16.6$0.41$0.82$0.41
2016Detailed filing. Detailed filing data is available for this year.$27.3$10.3$17.0$17.1$0.10$17.0
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to May 30, 2023
Signed
Mar 1, 2024
Return Version
2022v5.0
Gross Receipts
$107,233
Mission and Program Overview

Mission

Pike place market qb3 is a washington state nonprofit corporation formed in 2016 to obtain funds under the nmtc program, which commenced in 2016. Pike place market pda is sole corporate member of ppm qb3. During 2016, pda leased commercial space related to marketfront project to ppm qb3 for purposes of renovating and rehabilitating them through the nmtc financing program. Simultaneously, ppm qb3 subleased the space back to the pda with a term expiring on december 2051. The project construction ended in june of 2017. Pike place market qb3 collected $392,533 for master lease payment from pike place market pda.

Pike place market qb3 is a washington state nonprofit corporation formed in 2016 to obtain funds under the nmtc program, continued on schedule o

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$14,625,630$0▼ $14,625,630
Prepaid Expenses and Deferred Charges$8,615,688$0▼ $8,615,688
Intangible Assets$256,339$0▼ $256,339
Savings and Temporary Cash Investments$40,810$0▼ $40,810
Cash and Non-Interest-Bearing Accounts$5,060$0▼ $5,060
Accounts Receivable$589$0▼ $589
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$23,544,116$0▼ $23,544,116
Other Assets Total$0$0→ $0
Liabilities
Unsecured Notes Loans Payable$10,250,000$0▼ $10,250,000
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$10,250,000$0▼ $10,250,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$13,294,116$0▼ $13,294,116
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$13,294,116$0▼ $13,294,116
Total Liabilities and Net Assets / Fund Balance$23,544,116$0▼ $23,544,116
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Mary BacarellaExecutive DirectorFT$89,406$89,406
Erica BatesDirectorFT$75,616$75,616
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$107,232
Investment Income
$1
Other Revenue
$0
Change in Net Assets
$-190,907
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$298,140
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$144,447--$144,447
Other Expenses$34,985--$34,985
Interest$28,534--$28,534
Total Functional Expenses$298,140$0$0$298,140
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION B, LINE 11B:

“Form 990 is provided to the governing body prior to submission to the internal revenue service.”

FORM 990, PART VI, SECTION B, LINE 12C:

“Employees are required to avoid situations that present a conflict of interest, or even the appearance of a conflict of interest. If a conflict, or the appearance of a conflict, occurs, employees must make immediate and full disclosure of the situation to their manager. The pda, including all it's related entities, are subject to the city of seattle code of ethics and conflict of interest provision, which prohibits personal benefit or profit from the use of pda property or their position as an employee of the pda.”

FORM 990, PART VI, SECTION B, LINE 15:

“Top management salaries are deliberated through pda's budgeting process, approved by the board of directors. Key employee salaries are deliberated through pda's budgeting process, approved by the board of directors.”

FORM 990, PART VI, SECTION C, LINE 19:

“The organization makes available their governing documents, policies, and financial statements to the public.”

Filing and Contact Details

Filer

Filer Name
Pike Place Market QB3
EIN
81-1190481
In Care Of
% SABINA PROTO
Phone
2067745256
Address
85 Pike Street Suite 500, Seattle, WA 98101

Signing Officer

Name
Sabina Proto
Title
Director of Finance
Phone
2067745256
Signed
2024-03-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Bacarella
Formed
2016
Legal Domicile
Wa
Voting Board Members
0
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Bdo USA
Address
601 Union Street Suite 2300, Seattle, WA 98101-2345
Preparer
Christopher Ebert
Phone
2063827777
Supplemental Narrative

Additional Explanations

FORM 990, PART 1, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

“Which commenced in 2016. Pike place market pda is sole corporate member of ppm qb3. During 2016, pda leased commercial space related to marketfront project to ppm qb3 for purposes of renovating and rehabilitating them through the nmtc financing program. Simultaneously, ppm qb3 subleased the space back to the pda with a term expiring on december 2051. Construction ended on june 1st, 2017, and ppm qb3 has collected master lease payments from pike place market pda for the entire year.”

Raw XML AppendixShowing 400 of 458 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990ProvidedToGvrnBodyInd0true
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IRS990/MissionDesc0PIKE PLACE MARKET QB3 IS A WASHINGTON STATE NONPROFIT CORPORATION FORMED IN 2016 TO OBTAIN FUNDS UNDER THE NMTC PROGRAM, WHICH COMMENCED IN 2016. PIKE PLACE MARKET PDA IS SOLE CORPORATE MEMBER OF PPM QB3. DURING 2016, PDA LEASED COMMERCIAL SPACE RELATED TO MARKETFRONT PROJECT TO PPM QB3 FOR PURPOSES OF RENOVATING AND REHABILITATING THEM THROUGH THE NMTC FINANCING PROGRAM. SIMULTANEOUSLY, PPM QB3 SUBLEASED THE SPACE BACK TO THE PDA WITH A TERM EXPIRING ON DECEMBER 2051. CONSTRUCTION ENDED ON JUNE 1ST, 2017, AND PPM QB3 HAS COLLECTED $416,438 OF MASTER LEASE PAYMENTS FROM PIKE PLACE MARKET PDA FOR THE ENTIRE YEAR.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE PDA ACTS AS THE SOLE CORPORATE MEMBER OF QB3 AND CONTROLS ALL MANAGEMENT FUNCTIONS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE PIKE PLACE MARKET PRESERVATION AND DEVELOPMENT AUTHORITY (PDA) FORMED THE PIKE PLACE MARKET QB3 (PPMQB3) TO OBTAIN FUNDS UNDER THE NMTC PROGRAM. PPMQB3 WORKS TO RENOVATE COMMERCIAL SPACE THROUGH THE FINANCING OF THE NMTC PROGRAM AND SUBLEASES THE SPACE TO THE PDA.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, SECTION D, LINE 3
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1PART IV, SECTION E, LINE 1C
IRS990ScheduleA/IRSWrittenDeterminationInd0X
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0PIKE PLACE MKT PRESV & DEVELOPMENT AUTH
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IRS990ScheduleA/SupportingOrgType3FuncIntInd0X
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IRS990ScheduleN/DirectorOfSuccessorInd0false
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0Right of Use Asset
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc1Leasehold Improvements
IRS990ScheduleN/DispositionOfAssetsDetail/DistributionDt02023-05-30
IRS990ScheduleN/DispositionOfAssetsDetail/DistributionDt12023-05-30
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IRS990ScheduleN/DispositionOfAssetsDetail/FairMarketValueOfAssetAmt114483677
IRS990ScheduleN/DispositionOfAssetsDetail/IRCSectionTxt0501(c)(3)
IRS990ScheduleN/DispositionOfAssetsDetail/IRCSectionTxt1501(c)(3)
IRS990ScheduleN/DispositionOfAssetsDetail/MethodOfFMVDeterminationTxt0FMV
IRS990ScheduleN/DispositionOfAssetsDetail/MethodOfFMVDeterminationTxt1FMV
IRS990ScheduleN/DispositionOfAssetsDetail/PersonNm0Pike Place Market Preservation and
IRS990ScheduleN/DispositionOfAssetsDetail/PersonNm1Pike Place Market Preservation and
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/AddressLine1Txt085 Pike Street Room 500
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/AddressLine1Txt185 Pike Street Room 500
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/CityNm0Seattle
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/CityNm1Seattle
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WHICH COMMENCED IN 2016. PIKE PLACE MARKET PDA IS SOLE CORPORATE MEMBER OF PPM QB3. DURING 2016, PDA LEASED COMMERCIAL SPACE RELATED TO MARKETFRONT PROJECT TO PPM QB3 FOR PURPOSES OF RENOVATING AND REHABILITATING THEM THROUGH THE NMTC FINANCING PROGRAM. SIMULTANEOUSLY, PPM QB3 SUBLEASED THE SPACE BACK TO THE PDA WITH A TERM EXPIRING ON DECEMBER 2051. CONSTRUCTION ENDED ON JUNE 1ST, 2017, AND PPM QB3 HAS COLLECTED MASTER LEASE PAYMENTS FROM PIKE PLACE MARKET PDA FOR THE ENTIRE YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS PROVIDED TO THE GOVERNING BODY PRIOR TO SUBMISSION TO THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EMPLOYEES ARE REQUIRED TO AVOID SITUATIONS THAT PRESENT A CONFLICT OF INTEREST, OR EVEN THE APPEARANCE OF A CONFLICT OF INTEREST. IF A CONFLICT, OR THE APPEARANCE OF A CONFLICT, OCCURS, EMPLOYEES MUST MAKE IMMEDIATE AND FULL DISCLOSURE OF THE SITUATION TO THEIR MANAGER. THE PDA, INCLUDING ALL IT'S RELATED ENTITIES, ARE SUBJECT TO THE CITY OF SEATTLE CODE OF ETHICS AND CONFLICT OF INTEREST PROVISION, WHICH PROHIBITS PERSONAL BENEFIT OR PROFIT FROM THE USE OF PDA PROPERTY OR THEIR POSITION AS AN EMPLOYEE OF THE PDA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TOP MANAGEMENT SALARIES ARE DELIBERATED THROUGH PDA'S BUDGETING PROCESS, APPROVED BY THE BOARD OF DIRECTORS. KEY EMPLOYEE SALARIES ARE DELIBERATED THROUGH PDA'S BUDGETING PROCESS, APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES AVAILABLE THEIR GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART 1, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19:
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PredominantIncomeTypeTxt0N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0SEE PART VII
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0W AV SR HSNG LLC
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/ShareOfTotalIncomeAmt00
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/UBICodeVAmt00
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt085 Pike St
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm0Seattle
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/StateAbbreviationCd0WA
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0PPMPDA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Pike Place Mkt Presv & Development Auth
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0910923347
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0WA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0See Part VII
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt085 Pike St Room 500
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