Friends of the Festival Inc

Analysis

Friends of the Festival Inc is a registered charity in United States, based in Chattanooga, TN. It received its IRS tax-exemption ruling in November 1981, 45 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. 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 September 2023, Friends of the Festival Inc reported income of $2.2m and spending of $3.7m, spending 169% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $2.8m to $2.2m (-23%), an average of -6.2% a year. The sharpest change came in the year to September 2021, when income rose by 2675%. Over the whole period it spent 121% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Friends of the Festival Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 87th percentile within TN. Charities of a similar size with the same main cause include The Childrens Course Inc ($2.2m), Austin Rowing Club ($2.2m) and Beachmont Inc ($2.2m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 35% and program service revenue 45% of the total. Compensation of current officers, directors and key employees was $100k (2.7% of expenses). Other salaries and wages came to $177k. At year end it held assets of $1.3m against liabilities of $33k, net assets of $1.2m. It reported 11 employees.