Downtown Parking Management Inc
- Assets
- $2.7m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Cedar Rapids, IA
- Founding
- 08/2014
- Data as of
- 12/2021
- EIN
- 45-1276191
Organization Overview
Downtown Parking Management Inc, operating under the name Park Cedar Rapids, is located in Cedar Rapids, IA. The organization was established in 2014. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., 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. Park Cedar Rapids is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Park Cedar Rapids generated $2.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.8%) each year. All expenses for the organization totaled $3.6m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.2%) per year over the past 7 years. 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
TO PROVIDE EFFICIENT, CONVENIENT, AND AFFORDABLE PARKING OPTIONS FOR DOWNTOWN CEDAR RAPIDS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF PARKING FACILITIES AND SYSTEM UPGRADES:THE SYSTEM PROVIDES SPACE TO ABOUT 3,900 DOWNTOWN EMPLOYEES AND APPROXIMATELY 280,000 ESTIMATED VISITOR/EVENT PATRONS. IN ADDITION, THE SYSTEM OPERATES APPROXIMATELY 4,000 ON STREET SPACES WITH AN ESTIMATED 322,000 ANNUAL ON STREET TRANSACTIONS. PARKING TRANSACTIONS ANNUALLY ARE ESTIMATED TO BE 550,000 TRANSACTIONS. DPMI CONTINUES TO STRIVE IN CREATING A WELCOMING, SAFE ENVIRONMENT THROUGH 24/7 SECURITY EFFORTS AND AMENITIES. THE AMENITIES SERVICES PROGRAM ACCOMMODATES PARKING PATRONS, SHOULD AN UNEXPECTED SITUATION OCCUR, OFFERING INSTANT ACCESS TO A RANGE OF SERVICES FROM COURTESY JUMP STARTS, TIRE FILL, TO SECURITY ASSISTANCE. CAPITAL PROJECTS COMPLETED INCLUDE ELEVATOR UPGRADES, ROOF REPLACEMENTS, DECK SEALING, SECURITY, LIGHTING, SKYWALK AND ENTRANCE GATE UPGRADES.
PROVISION OF PARKING SERVICES TO FACILITATE JOB GROWTH AND ECONOMIC DEVELOPMENT:TO AID IN FOSTERING, SUPPORTING AND ENCOURAGING GROWTH AND DEVELOPMENT OF JOBS, AND THE DEVELOPMENT OF NEW BUSINESS AND INDUSTRY, DPMI HAS DEVELOPED A SUITE OF PARKING INCENTIVE AND SUBSIDY PROGRAMS TO SPUR INVESTMENT IN THE GREATER DOWNTOWN AREA. THE PROGRAMS ENABLE BUSINESSES, EMPLOYERS AND EMPLOYEES THE OPPORTUNITY TO RECEIVE DISCOUNTS OFF OF MONTHLY PARKING RATES AND HAVE HELPED CATALYZE MORE THAN 650 JOBS ANNUALLY. TO DATE 13 EXISTING COMPANIES WERE OFFERED PARKING INCENTIVES AND/OR PARKING SUBSIDY SOLUTIONS. RETENTION AND EXPANSION OF EXISTING JOBS AND BUSINESS CONSUMES APPROXIMATELY 33 PERCENT OF DPMI'S TIME.
EDUCATION AND COMMUNICATION WITH PARKING SYSTEM USERS:IN ORDER TO IMPROVE PUBLIC PERCEPTION OF PARKING IN DOWNTOWN CEDAR RAPIDS AND TO LEVERAGE PARKING AS A SIGNIFICANT TOOL AND CATALYST FOR ECONOMIC DEVELOPMENT, DPMI HAS INITIATED SIGNIFICANT OUTREACH STRATEGIES. "PARK CEDAR RAPIDS" CAMPAIGN WAS LAUNCHED IN OCTOBER 2011 TO INFORM THE GENERAL PUBLIC AND DOWNTOWN STAKEHOLDERS OF A NEW AND ENHANCED PARKING SYSTEM - ONE FOCUSED ON SUPERIOR CUSTOMER SERVICE, IMPROVED SECURITY AND POSITIVE EXPERIENCE. COMMUNICATION MECHANISMS RANGED FROM CREATING A NEW INTERACTIVE WEBSITE, PARTNERING WITH THE MEDIA, HOSTING Q&A COMMUNITY OUTREACH EVENTS, AND IMPLEMENTING AN AMBASSADOR PROGRAM TO ASSIST THE GENERAL PUBLIC AND STAKEHOLDERS WITH THE USE OF THE NEW PARKING TECHNOLOGIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Zylstra Chairman | OfficerTrustee | 1 | $0 |
Jon Rouse General Manager | Officer | 40 | $0 |
Cory Kerns Director | Trustee | 1 | $0 |
Jon Dusek Director | Trustee | 1 | $0 |
Matt Corkery Director | Trustee | 1 | $0 |
Fred Timko Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cr Glass Company Commerical Glass Repair/derecho Expense | 12/30/21 | $369,255 |
City Of Cedar Rapids Payroll, Related Expenses, And Energy Ma | 12/30/21 | $372,075 |
Pci Municipal Services Llc Payroll And Related Expenses | 12/30/21 | $565,130 |
Republic Parking Services Payroll And Related Expenses | 12/30/21 | $306,247 |
T&k Roofing & Sheet Metal Co Roofing/derecho Expense | 12/30/21 | $127,300 |
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 | $2,887,655 |
| Investment income | $8,761 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$210,308 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,696,142 |
| 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 | $110,550 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,398 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,127,329 |
| Advertising and promotion | $10,333 |
| Office expenses | $126,917 |
| Information technology | $206,428 |
| Royalties | $0 |
| Occupancy | $313,744 |
| Travel | $30,074 |
| 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 | $319,888 |
| Insurance | $226,637 |
| All other expenses | $0 |
| Total functional expenses | $3,554,058 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $869,326 |
| Savings and temporary cash investments | $255,349 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $134,633 |
| 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 | $50,437 |
| Net Land, buildings, and equipment | $1,342,819 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,652,564 |
| Accounts payable and accrued expenses | $2,737,717 |
| Grants payable | $0 |
| Deferred revenue | $198,735 |
| 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 | $385,506 |
| Total liabilities | $3,321,958 |
| Net assets without donor restrictions | -$669,394 |
| 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 | $2,652,564 |
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