Mayfest Inc

Analysis

Mayfest Inc is a registered charity in United States, based in Fort Worth, TX. It received its IRS tax-exemption ruling in May 1987, 39 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 July 2023, Mayfest Inc reported income of $1.4m and spending of $1.7m, spending 115% of what it took in. Across the 4 years on record, from July 2020 to July 2023, income grew from $271k to $1.4m (+433%), an average of +75% a year. The sharpest change came in the year to July 2022, when income rose by 583%. Over the whole period it spent 106% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Mayfest Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 87th percentile within TX. Charities of a similar size with the same main cause include South Arkansas Arts Center ($1.4m), Beit-Hanina Social Club ($1.4m) and Art and Advocacy Society ($1.4m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 5.6% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $75k (4.5% of expenses). Other salaries and wages came to $101k. At year end it held assets of $674k against liabilities of $349k, net assets of $324k. It reported 4 employees.