Friends of the Festival Inc

Analysis

Friends of the Festival Inc is a registered charity in United States, based in Tampa, FL. It received its IRS tax-exemption ruling in July 2001, 25 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 December 2023, Friends of the Festival Inc reported income of $136k and spending of $158k, spending 116% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $223k to $136k (-39%), an average of -12% a year. The sharpest change came in the year to December 2020, when income dropped by 65%. Over the whole period it spent 100% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Friends of the Festival Inc sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 45th percentile, and in the 49th percentile within FL. Charities of a similar size with the same main cause include Wythe Arts Council Ltd ($136k), Eastern Psychological Association Inc ($136k) and Dancers Give Back Inc ($136k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 42% and program service revenue 58% of the total. Other salaries and wages came to $59k. At year end it held assets of $206k against liabilities of $392, net assets of $206k. It reported 2 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.