Suffolk Festivals Inc

Analysis

Suffolk Festivals Inc is a registered charity in United States, based in Suffolk, VA. It received its IRS tax-exemption ruling in December 1986, 40 years ago. 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 December 2023, Suffolk Festivals Inc reported income of $556k and spending of $486k, spending 87% of its income. Across the 4 years on record, from December 2019 to December 2023, income grew from $419k to $556k (+33%), an average of +9.9% a year. The sharpest change came in the year to December 2022, when income rose by 48%. Over the whole period it spent 87% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Suffolk Festivals Inc sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 72nd percentile within VA. Charities of a similar size with the same main cause include Pioneer Square Apartments ($556k), Pittsfield Center Development Corporation ($557k) and Beaches Area Historical Society Inc ($556k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 22% and program service revenue 77% of the total. Other salaries and wages came to $69k. At year end it held assets of $328k against liabilities of $0, net assets of $328k. It reported 2 employees.