Newport Festivals Foundation Inc

Analysis

Newport Festivals Foundation Inc is a registered charity in United States, based in Manchester, MA. It received its IRS tax-exemption ruling in August 2011, 15 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Newport Festivals Foundation Inc reported income of $11.5m and spending of $10.3m, spending 90% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $8.0m to $11.5m (+44%), an average of +9.5% a year. The sharpest change came in the year to September 2021, when income rose by 136%. Over the whole period it spent 79% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Newport Festivals Foundation Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 94th percentile within MA. Charities of a similar size with the same main cause include Pennon Organization ($11.5m), Alaska Center for the Performing Arts Inc ($11.5m) and Regional Cultural & Performing Arts Development Commission ($11.5m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 21% and program service revenue 76% of the total. Compensation of current officers, directors and key employees was $986k (9.6% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $21.6m against liabilities of $876k, net assets of $20.7m. It reported 373 employees.