The New Festival Inc
- Assets
- $1.3m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 7
- Location
- Brooklyn, NY
- Founding
- 05/1991
- Data as of
- 01/2024
- EIN
- 13-3560387
Organization Overview
The New Festival Inc is located in Brooklyn, NY. The organization was established in 1991. According to its NTEE Classification (A99) the organization is classified as: Arts, Culture & Humanities N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. As of 01/2024, New Festival Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Festival Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 01/2024, New Festival Inc generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 25.5% each year . All expenses for the organization totaled $1.7m during the year ending 01/2024. While expenses have increased by 26.4% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
NEW FESTIVAL, INC. IS A NON-PROFIT 501(C)(3) TAX EXEMPT MEDIA ARTS ORGANIZATION WHOSE OBJECTIVE IS TO SHOWCASE INTERNATIONAL, DOMESTIC, AND NEW YORK-CENTRIC FILM, VIDEO AND OTHER MEDIA TO FOSTER GREATER AWARENESS AND COMMUNITY AMONG LGBTQ+ AUDIENCES AND THEIR ALLIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEWFESTS OBJECTIVE IS TO SHOWCASE INTERNATIONAL, DOMESTIC AND NEW YORK-CENTRIC FILM, VIDEO AND OTHER MEDIA TO FOSTER GREATER AWARENESS AND COMMUNITY AMONG LGBTQ AUDIENCES AND THEIR ALLIES. NEWFEST PARTNERS AND CO-PRESENTS SCREENINGS AND EVENTS WITH OVER 150 COMMUNITY ORGANIZATIONS THROUGHOUT NEW YORK CITY IN AN EFFORT TO REACH ALL MARGINALIZED AND UNDERSERVED GROUPS WITHIN THE LGBTQ COMMUNITY. NEWFESTS SIGNATURE PROGRAM IS NEW YORKS ANNUAL LGBTQ FILM FESTIVAL (FEATURING 144 FILMS FROM 32 COUNTRIES OVER 7 DAYS; 13,000 ATTENDEES) WHICH OCCURS EVERY OCTOBER AND CONTINUES TO GROW. (CONTINUED SCHEDULE O)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Hatkoff Executive Director | Officer | 40 | $173,501 |
Afua Kafi-Akua Board Director | Trustee | 2 | $0 |
Aviva Michelman-Dumas Board Director | Trustee | 2 | $0 |
Andrew Uriarte Board Director | Trustee | 2 | $0 |
Lisa Alexis Jones Board Director | Trustee | 2 | $0 |
Bunge Okeyo Board Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $23,877 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $147,670 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,264,076 |
| Noncash contributions included in lines 1a–1f | $71,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,435,623 |
| Total Program Service Revenue | $420,088 |
| Investment income | $27,228 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $11,387 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,894,326 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,000 |
| Grants and other assistance to domestic individuals. | $50,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $136,516 |
| Compensation of current officers, directors, key employees. | $68,258 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $383,195 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $47,144 |
| Payroll taxes | $39,456 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,252 |
| Advertising and promotion | $12,525 |
| Office expenses | $9,584 |
| Information technology | $27,786 |
| Royalties | $0 |
| Occupancy | $57,215 |
| Travel | $27,075 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $51 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,245 |
| Insurance | $6,931 |
| All other expenses | $20,979 |
| Total functional expenses | $1,690,156 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,334,363 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,245 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,336,608 |
| Accounts payable and accrued expenses | $25,391 |
| Grants payable | $0 |
| Deferred revenue | $215,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $240,391 |
| Net assets without donor restrictions | $1,096,217 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,336,608 |
Grants Awarded
Over the last fiscal year, The New Festival Inc has awarded $50,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FRACTURED ATLAS PURPOSE: PROVIDE FINANCIAL SUPPORT | $25,000 |
BLUER SKY PICTURES PURPOSE: PROVIDE FINANCIAL SUPPORT | $25,000 |