Globalfest Inc

Analysis

Globalfest Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in May 2012, 14 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Globalfest Inc reported income of $111k and spending of $186k, spending 167% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $114k to $111k (-2.6%), an average of -0.7% a year. The sharpest change came in the year to June 2020, when income rose by 110%. Over the whole period it spent 140% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Globalfest Inc sits at the 35th percentile: it is larger than about 35% of them. Against every charity in United States with reported income it ranks in the 40th percentile, and in the 39th percentile within NY. Charities of a similar size with the same main cause include Rebuilding Together Spartanburg Inc ($111k), Hero Fund America Inc ($111k) and Plymouth South Panthers Booster Club Inc ($111k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 74% and program service revenue 26% of the total. At year end it held assets of $108k against liabilities of $1,512, net assets of $106k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.