Plano Balloon Festival Inc

Analysis

Plano Balloon Festival Inc is a registered charity in United States, based in Plano, TX. It received its IRS tax-exemption ruling in June 1989, 37 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Plano Balloon Festival Inc reported income of $1.6m and spending of $1.4m, spending 89% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $990k to $1.6m (+61%), an average of +13% a year. The sharpest change came in the year to December 2022, when income rose by 1241%. Over the whole period it spent 95% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Plano Balloon Festival Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 87th percentile within TX. Charities of a similar size with the same main cause include Southern California Equestriansports ($1.6m), South Bend Youth Hockey Inc ($1.6m) and East Valley Juniors Volleyball Club Inc ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 45% and program service revenue 54% of the total. Compensation of current officers, directors and key employees was $128k (9.0% of expenses). At year end it held assets of $1.1m against liabilities of $0, net assets of $1.1m. It reported 3 employees.