Federal Way Public Market

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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

2021

Legal Domicile

Principal Officer

AnnMichelle Hart

Phone

2062615101

Tax Period

2024-01-01 to 2024-12-31

Federal Way Public Market, founded in 2021, is a micro nonprofit in the Community Improvement sector that reported $35K in total revenue in fiscal year 2024. Revenue surged 42% from the prior year, signaling strong growth momentum. Expenses of $47K exceeded revenue, resulting in a 34% operating deficit.

Mission

Development of a year-round public market that would serve as a community hub to help community emerge as a more vibrant and economically viable place to live, work, and play.

Program Service Accomplishments

Program 1

Expenses: $30,789 Revenue: $30,789

Education & Advocacy. In April 2024, FWPM held a public meeting in Federal Way's Dumas Bay Center, with more than 250 attendees, including local businesses, elected officials, and employees from...

Education & Advocacy. In April 2024, FWPM held a public meeting in Federal Way's Dumas Bay Center, with more than 250 attendees, including local businesses, elected officials, and employees from numerous government agencies to update the community on the progress, and the agenda included a detailed economic and demographic analysis by an economist from the University of Washington Tacoma; a presentation by the leaders of the incredibly popular 12-year-old Pybus Public Market in Wenatchee; premiere of FWPMs first video, showing what a potential public market could look like; and an extensive Q&A session. Additional informational meetings were held with Lion's Club, Kiwanis, VFW, and more. Briefings were provided to local elected officials and staffs. Outreach was done with potential vendors as well as businesses throughout Federal Way and surrounding communities, especially the hospitality industry.

Program 2

Expenses: $10,000 Revenue: $10,000

Began Feasibility Study. In October 2023, we discussed with Aaron Zaretsky, internationally recognized expert in public markets, our ideas to establish a public market in Federal Way. Aaron had...

Began Feasibility Study. In October 2023, we discussed with Aaron Zaretsky, internationally recognized expert in public markets, our ideas to establish a public market in Federal Way. Aaron had served as the Director of Seattle's Pike Place Market for 15 years after it was saved from development in the late 1970s. Aaron brought with him his business partner, Mark Ernst, who designed Bellevue's Downtown Park early in his career. Throughout 2024, Federal Way Public Market (FWPM) engaged with Aaron and did Pre-Feasibility Analysis, including early site analysis, potential costs, connections to pedestrian walkways, transit and parking. FWPM contracted with Aaron and the actual Feasibility Study began near the end of the year, evaluating demographics and economics, examining existing retailers, determining missing market segments, identifying challenges, and appraising long term viability.

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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 (2024)

Revenue Breakdown

Contributions & Grants $35,350

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $35,350

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $4,930

Program Expenses $40,789

Other Expenses $42,551

TOTAL EXPENSES $47,481

Year-over-Year Comparison

	2024	2023	Change
Revenue	$35,350	$24,831	+0.4%
Expenses	$47,481	$29,605	+0.6%
Net Income	$-12,131	$-4,774	+1.5%

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

Independent Members

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Gregory J McCann	President	22.00	Officer Director	$0	$0	$0
David Harrelson	Secretary	24.00	Officer Director	$0	$0	$0
AnnMichelle Hart	Foundation Mgr.	19.00	Director	$0	$0	$0
Nicole Cuthbertson	Treasurer	18.00	Officer Director	$0	$0	$0
Ron Walker	Trustee	18.00	Director	$0	$0	$0

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
2024	$35,350	$47,481	$3,990	$-12,131
2023	$24,831	$29,605	$16,121	$-4,774
2022	$27,929	$8,567	$20,895	$19,362