Norfolk Festevents Ltd

Analysis

Norfolk Festevents Ltd is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in September 1984, 42 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. 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 December 2023, Norfolk Festevents Ltd reported income of $6.4m and spending of $5.2m, spending 81% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.7m to $6.4m (+37%), an average of +8.2% a year. The sharpest change came in the year to December 2022, when income rose by 63%. Over the whole period it spent 81% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Norfolk Festevents Ltd sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within VA. Charities of a similar size with the same main cause include Fort Wilderness Ministries Incorporated ($6.4m), Detroit 300 Conservancy ($6.5m) and Special Olympics Virginia Inc ($6.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 72% and program service revenue 28% of the total. Compensation of current officers, directors and key employees was $476k (9.2% of expenses). Other salaries and wages came to $976k. At year end it held assets of $5.8m against liabilities of $462k, net assets of $5.3m. It reported 102 employees.