Festival in the Park Inc

Analysis

Festival in the Park Inc is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in March 1968, 58 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 December 2023, Festival in the Park Inc reported income of $355k and spending of $333k, spending 94% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $307k to $355k (+16%), an average of +3.7% a year. The sharpest change came in the year to December 2021, when income rose by 97%. Over the whole period it spent 90% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Festival in the Park Inc sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 63rd percentile within NC. Charities of a similar size with the same main cause include Inland Northwest Honor Flight ($355k), Sounds Like LA ($355k) and The Arts Castle ($355k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 13% and program service revenue 77% of the total. Compensation of current officers, directors and key employees was $85k (26% of expenses). Other salaries and wages came to $32k. At year end it held assets of $338k against liabilities of $1,000, net assets of $337k. It reported 14 employees.