Pike Place Market QB3

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2016

Legal Domicile

Principal Officer

Mary Bacarella

Phone

2067745256

Tax Period

2023-01-01 to 2023-05-30

Pike Place Market QB3, founded in 2016, is a small nonprofit that reported $107K in total revenue in fiscal year 2022. Revenue fell 75% from the prior year — a significant decline worth monitoring. Expenses of $298K exceeded revenue, resulting in a 178% operating deficit.

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. 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.

Program Service Accomplishments

Program 1

Expenses: $211,264

FINANCING ACTIVITY

Program 2

Expenses: $86,876 Revenue: $107,232

OPERATING ACTIVITY

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $107,232

Investment Income $1

Other Revenue $0

TOTAL REVENUE $107,233

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $298,140

Other Expenses $298,140

TOTAL EXPENSES $298,140

Year-over-Year Comparison

	2022	2021	Change
Revenue	$107,233	$428,930	-0.7%
Expenses	$298,140	$1,094,677	-0.7%
Net Income	$-190,907	$-665,747	-0.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

N/A

Independent Members

N/A

Employees

N/A

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$165,022

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Mary Bacarella	Executive Director	40.0	Officer	$0	$0	$89,406
Erica Bates	Director	40.0	Officer	$0	$0	$75,616

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2023	$107,233	$298,140	No data	$-190,907
2022	$428,930	$1,094,677	$23,544,116	$-665,747
2021	$416,444	$1,078,442	$24,213,274	$-661,998
2020	$404,321	$1,062,534	$24,948,027	$-658,213
2019	$392,612	$1,048,468	$25,541,834	$-655,856
2018	$381,220	$1,036,004	$26,251,512	$-654,784