Fairbanks Summer Arts Festival

Analysis

Fairbanks Summer Arts Festival is a registered charity in United States, based in Fairbanks, AK. It received its IRS tax-exemption ruling in November 1979, 47 years ago. 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, Fairbanks Summer Arts Festival reported income of $357k and spending of $488k, spending 137% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $463k to $357k (-23%), an average of -6.3% a year. The sharpest change came in the year to September 2020, when income dropped by 54%. Over the whole period it spent 115% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Fairbanks Summer Arts Festival sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 60th percentile within AK. Charities of a similar size with the same main cause include Southwest Iowa Housing Trust Fund Inc ($357k), Rock Hill School District Foundation ($357k) and Brownsburg Education Foundation Inc ($357k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 39% and program service revenue 46% of the total. Compensation of current officers, directors and key employees was $131k (27% of expenses). At year end it held assets of $1.8m against liabilities of $26k, net assets of $1.8m. It reported 7 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.