The Virginia Arts Festival Inc

Analysis

The Virginia Arts Festival Inc is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in February 1996, 30 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 June 2023, The Virginia Arts Festival Inc reported income of $12.3m and spending of $10.7m, spending 87% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $9.2m to $12.3m (+34%), an average of +7.7% a year. The sharpest change came in the year to June 2021, when income rose by 172%. Over the whole period it spent 73% 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 Virginia Arts Festival 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 96th percentile within VA. Charities of a similar size with the same main cause include Museum of Arts and Design ($12.3m), Holocaust Memorial Foundation of Illinois Inc ($12.3m) and United Arts of Central Florida Inc ($12.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 76% and program service revenue 20% of the total. Compensation of current officers, directors and key employees was $663k (6.2% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $46.3m against liabilities of $1.6m, net assets of $44.7m. It reported 76 employees.