North Carolina Folk Festival

Analysis

North Carolina Folk Festival is a registered charity in United States, based in Greensboro, NC. It received its IRS tax-exemption ruling in July 2018, 8 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, North Carolina Folk Festival reported income of $1.0m and spending of $1.2m, spending 117% of what it took in. Across the 4 years on record, from December 2020 to December 2023, income grew from $438k to $1.0m (+135%), an average of +33% a year. The sharpest change came in the year to December 2021, when income rose by 154%. Over the whole period it spent 107% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, North Carolina Folk Festival sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 80th percentile within NC. Charities of a similar size with the same main cause include Illinois Press Foundation Inc ($1.0m), Miami Theater Center Inc ($1.0m) and The Vail Jazz Foundation Inc ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 85% and program service revenue 16% of the total. Compensation of current officers, directors and key employees was $86k (7.1% of expenses). Other salaries and wages came to $209k. At year end it held assets of $228k against liabilities of $222k, net assets of $6,040. It reported 6 employees.