The New Festival Inc

Analysis

The New Festival Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in May 1991, 35 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending January 2024, The New Festival Inc reported income of $1.9m and spending of $1.7m, spending 89% of its income. Across the 6 years on record, from January 2019 to January 2024, income grew from $420k to $1.9m (+352%), an average of +35% a year. The sharpest change came in the year to January 2023, when income rose by 58%. Over the whole period it spent 84% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The New Festival Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 82nd percentile within NY. Charities of a similar size with the same main cause include Printing United Foundation ($1.9m), Greater Akron Musical Association Inc Sponsor for Akron Symphony Orc ($1.9m) and Wcij Inc ($1.9m).

On its Form 990 for the period ending January 2024, revenue came from contributions and grants 76% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $137k (8.1% of expenses). Other salaries and wages came to $383k. At year end it held assets of $1.3m against liabilities of $240k, net assets of $1.1m. It reported 7 employees.