North Carolina International Folk Festival Inc

Analysis

North Carolina International Folk Festival Inc is a registered charity in United States, based in Waynesville, NC. It received its IRS tax-exemption ruling in September 1983, 43 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending October 2022, North Carolina International Folk Festival Inc reported income of $228k and spending of $359k, spending 157% of what it took in. Across the 4 years on record, from October 2019 to October 2022, income fell from $675k to $228k (-66%), an average of -30% a year. The sharpest change came in the year to October 2020, when income dropped by 64%. Over the whole period it spent 107% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, North Carolina International Folk Festival Inc sits at the 63rd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 54th percentile within NC. Charities of a similar size with the same main cause include Academy of Music for the Blind ($228k), Forum on Life Culture & Society Inc ($228k) and Mount Vernon Community Childrens Theatre ($228k).

On its Form 990 for the period ending October 2022, revenue came from contributions and grants 64% and program service revenue 31% of the total. Compensation of current officers, directors and key employees was $86k (24% of expenses). Other salaries and wages came to $26k. At year end it held assets of $1.1m against liabilities of $180k, net assets of $955k. It reported 6 employees.

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.