Newport Festivals Foundation Inc
- Assets
- $20.1m
- Revenue
- $11.1m
- Investments
- $0.0
- Employees
- 247
- Location
- Essex, MA
- Founding
- 08/2011
- Data as of
- 09/2021
- EIN
- 27-4099544
Organization Overview
Newport Festivals Foundation Inc is located in Essex, MA. The organization was established in 2011. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 09/2021, Newport Festivals Foundation Inc employed 247 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newport Festivals Foundation 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 09/2021, Newport Festivals Foundation Inc generated $11.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $7.3m during the year ending 09/2021. While expenses have increased by 3.5% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO MAINTAIN THE NEWPORT JAZZ FESTIVAL AND NEWPORT FOLK FESTIVAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN THE YEAR AFTER AN UNPRECEDENTED CANCELLATION OF THE 2020 NEWPORT FOLK FESTIVAL DUE TO THE COVID-19 PANDEMIC, NEWPORT FESTIVALS FOUNDATION PRESENTED FOLK ON, TWO THREE-DAY EVENTS AT FORT ADAMS STATE PARK ON JULY 23-25 AND JULY 26-28, 2021. THE EVENTS HAD A 50% REDUCTION IN CAPACITY AND TOOK PLACE OVER TWO OUTDOOR STAGES.
IN THE YEAR AFTER AN UNPRECEDENTED CANCELLATION OF THE 2020 NEWPORT JAZZ FESTIVAL DUE TO THE COVID-19 PANDEMIC, NEWPORT FESTIVALS FOUNDATION PRESENTED NEWPORT JAZZ, ONE THREE-DAY EVENT AT FORT ADAMS STATE PARK ON JULY 30-AUGUST 1, 2021. THE EVENTS HAD A 50% REDUCTION IN CAPACITY AND TOOK PLACE OVER TWO OUTDOOR STAGES.
IN 2021, NEWPORT FESTIVALS FOUNDATION CONTINUED THE NEWPORT FESTIVALS MUSICIAN RELIEF FUND TO PROVIDE FINANCIAL RELIEF TO MUSICIANS IN THEIR FOLK AND JAZZ COMMUNITIES WHO EXPERIENCED LOSS OF INCOME AS A RESULT OF COVID-19. SOME OF THE MUSICIANS WORKED WITH NEWPORT FESTIVALS FOUNDATION TO CREATE EDUCATIONAL CONTENT, WHICH WAS SHARED FREE OF CHARGE TO MUSIC EDUCATION PROGRAMS ACROSS THE COUNTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albert Jay Sweet Board Member/executive Dir | OfficerTrustee | 40 | $344,250 |
Kira Favro Chief Financial Officer | Officer | 40 | $202,443 |
Christopher Capotosto Chief Creative Officer | Officer | 40 | $173,650 |
Deborah Ross Director Of Education | Officer | 40 | $99,308 |
Debra Girard Director Of Ticketing & Ad | Officer | 40 | $98,328 |
William Glassner Partnership Director & Arc | Officer | 40 | $63,353 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Green Mt Concert Services Inc | 9/29/19 | $120,394 |
Hancock Music | 9/29/19 | $120,000 |
Wme Entertainment Llc | 9/29/19 | $101,625 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $350 |
| Related organizations | $0 |
| Government grants | $3,605,715 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,338,429 |
| Noncash contributions included in lines 1a–1f | $126,890 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,944,494 |
| Total Program Service Revenue | $5,656,706 |
| Investment income | $244,424 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $335,853 |
| Net Income from Fundraising Events | -$49,173 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,132,304 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $981,333 |
| Compensation of current officers, directors, key employees. | $211,810 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $669,278 |
| Pension plan accruals and contributions | $41,989 |
| Other employee benefits | $52,953 |
| Payroll taxes | $128,103 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,520 |
| Fees for services: Accounting | $25,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $92,280 |
| Fees for services: Other | $0 |
| Advertising and promotion | $125,027 |
| Office expenses | $11,230 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $82,574 |
| Travel | $180,685 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,493 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,442 |
| Insurance | $120,274 |
| All other expenses | $405,867 |
| Total functional expenses | $7,335,714 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,618,966 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $260,838 |
| 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 | $136,512 |
| Net Land, buildings, and equipment | $174,678 |
| Investments—publicly traded securities | $13,881,771 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,146 |
| Total assets | $20,080,911 |
| Accounts payable and accrued expenses | $212,340 |
| Grants payable | $0 |
| Deferred revenue | $816,740 |
| 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 | $270,655 |
| Total liabilities | $1,299,735 |
| Net assets without donor restrictions | $18,643,761 |
| Net assets with donor restrictions | $137,415 |
| 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 | $20,080,911 |
Grants Awarded
Over the last fiscal year, Newport Festivals Foundation Inc has awarded $44,818 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
NORTHRIDGE HIGH SCHOOL PURPOSE: DONATION OF INSTRUMENTS | $6,606 |
CHAPPELOW K-8 ARTS MAGNET SCHOOL PURPOSE: DONATION OF INSTRUMENTS | $6,606 |
Atlanta, GA PURPOSE: DONATION OF INSTRUMENTS | $6,606 |
Chicago, IL PURPOSE: DONATION ON BEHALF OF FESTIVAL ARTIST | $5,000 |
Buffalo, NY PURPOSE: DONATION ON BEHALF OF FESTIVAL ARTIST | $5,000 |
New Orleans, LA PURPOSE: DONATION ON BEHALF OF FESTIVAL ARTIST | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 18 grants that Newport Festivals Foundation Inc has recieved totaling $320,011.
| Awarding Organization | Amount |
|---|---|
Ayco Charitable Foundation Cohoes, NY PURPOSE: ARTS AND CULTURE | $61,000 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: ARTS AND CULTURE | $52,500 |
Chester Kitchings Family Foundation Orlando, FL PURPOSE: GENERAL OPERATING | $30,000 |
Kathy Chazen Family Charitable Trust New York, NY PURPOSE: GENERAL SUPPORT | $25,500 |
American Endowment Foundation Hudson, OH PURPOSE: SPORTS/LEISURE | $25,355 |
Grassy Creek Foundation Jacksonville, FL PURPOSE: EDUCATION PROGRAM | $25,000 |
Endowment Analysis
| Beg. Balance | $260,621 |
| Earnings | $5,223 |
| Other Expense | $128,429 |
| Ending Balance | $137,415 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Handel And Haydn Society Boston, MA | $29,038,335 | $22,868,295 |
Groton Hill Music Inc Groton, MA | $210,830,113 | $41,196,688 |
Newport Festivals Foundation Inc Essex, MA | $20,080,911 | $11,132,304 |
Whyhunger Inc New York, NY | $5,607,325 | $7,869,621 |
Caramoor Center For Music & The Arts Inc Katonah, NY | $49,439,168 | $6,140,543 |
Save The Music Foundation New York, NY | $5,156,662 | $8,206,045 |
Rockport Music Inc Rockport, MA | $31,791,427 | $3,720,672 |
American Friends Of Les Arts Florissants Inc New York, NY | $1,107,997 | $2,546,808 |
Chicken & Egg Pictures Inc Brooklyn, NY | $9,525,742 | $4,390,371 |
Young Concert Artists Inc New York, NY | $10,777,916 | $2,607,839 |
New Music Usa Inc New York, NY | $21,074,524 | $3,287,635 |
Original Music Workshop Inc Brooklyn, NY | $4,224,196 | $2,706,667 |