Newport Festivals Foundation Inc
- Assets
- $21.6m
- Revenue
- $11.5m
- Investments
- $0.0
- Employees
- 373
- Location
- Saratoga Springs, NY
- Founding
- 08/2011
- Data as of
- 09/2023
- EIN
- 27-4099544
Organization Overview
Newport Festivals Foundation Inc is located in Saratoga Springs, NY. 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 09/2023, Newport Festivals Foundation Inc employed 373 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 09/2023, Newport Festivals Foundation Inc generated $11.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $10.3m during the year ending 09/2023. While expenses have increased by 7.1% per year over the past 8 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
2023
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 2023, NEWPORT FOLK FESTIVAL CELEBRATED ITS 64TH ANNIVERSARY. THE FESTIVAL WAS HELD AT FORT ADAMS STATE PARK FROM JULY 28-30. THE FESTIVAL FEATURED THREE MAIN STAGES, OVER 60 ARTISTS, AND THE CREATION OF NEW HISTORIC MOMENTS, INCLUDING A SURPRISE PERFORMANCE BY JAMES TAYLOR.
IN 2023, NEWPORT JAZZ FESTIVAL CELEBRATED ITS 69TH ANNIVERSARY. THE FESTIVAL WAS HELD AT FORT ADAMS STATE PARK FROM AUGUST 4-6. THE FESTIVAL FEATURED THREE MAIN STAGES, OVER 60 ARTISTS, AND THE CREATION OF NEW HISTORIC MOMENTS, INCLUDING LEGENDARY PERFORMANCES BY DIANA KRALL AND HERBIE HANCOCK.
IN 2023, NEWPORT FESTIVALS FOUNDATION CONTINUED TO GROW ITS YEAR-ROUND MUSIC EDUCATION PROGRAMMING. 2023 PROGRAMS INCLUDED FREE MUSIC LESSONS, SUMMER CAMPS, INSTRUMENT DONATIONS, FREE AFTER SCHOOL WORKSHOP PROGRAMS, CONTINUING THE MUSICIAN RELIEF FUND, AND PARTNERING WITH NEWPORT FESTIVALS ARTISTS TO CREATE CONTENT TO BE SHARED FREE OF CHARGE TO MUSIC EDUCATION PROGRAMS ACROSS THE COUNTRY. FREE FESTIVAL ACCESS WAS PROVIDED FOR SELECT LOCAL NONPROFITS, HIGH SCHOOL STUDENTS AND ALL CHILDREN UNDER 10.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce S Gordon Board Member/chairman | OfficerTrustee | 1 | $0 |
Nicholas L Pell Board Member/treasurer | OfficerTrustee | 1 | $0 |
Tim Albinson Board Member | Trustee | 1 | $0 |
Nicole Bernard Dawes Board Member | Trustee | 1 | $0 |
Patricia Blanchet Board Member | Trustee | 1 | $0 |
Paula Boggs Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
William Morris Endeavor Ent Llc | 9/29/23 | $127,500 |
Klondike Sound Llc | 9/29/23 | $111,030 |
Electrical Construction Specialists Llc | 9/29/23 | $106,078 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,391,351 |
| Noncash contributions included in lines 1a–1f | $61,755 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,391,351 |
| Total Program Service Revenue | $8,788,194 |
| Investment income | $443,398 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$37,637 |
| Net Income from Fundraising Events | -$81,297 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,504,009 |
| 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. | $986,014 |
| Compensation of current officers, directors, key employees. | $185,437 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,069,894 |
| Pension plan accruals and contributions | $40,762 |
| Other employee benefits | $86,793 |
| Payroll taxes | $156,124 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $69,928 |
| Fees for services: Accounting | $25,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $77,110 |
| Fees for services: Other | $0 |
| Advertising and promotion | $169,047 |
| Office expenses | $11,736 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $114,891 |
| Travel | $292,968 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,523 |
| Insurance | $263,841 |
| All other expenses | $421,226 |
| Total functional expenses | $10,318,956 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,094,862 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $791,690 |
| 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 | $89,134 |
| Net Land, buildings, and equipment | $1,945,381 |
| Investments—publicly traded securities | $13,676,134 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,577 |
| Total assets | $21,607,778 |
| Accounts payable and accrued expenses | $304,901 |
| Grants payable | $0 |
| Deferred revenue | $570,665 |
| 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 | $875,566 |
| Net assets without donor restrictions | $20,125,217 |
| Net assets with donor restrictions | $606,995 |
| 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 | $21,607,778 |
Grants Awarded
Over the last fiscal year, Newport Festivals Foundation Inc has awarded $44,818 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
CHAPPELOW K-8 ARTS MAGNET SCHOOL PURPOSE: DONATION OF INSTRUMENTS | $6,606 |
BOYS & GIRLS CLUBS OF WELD COUNTY PURPOSE: DONATION OF INSTRUMENTS | $6,606 |
NORTHRIDGE HIGH SCHOOL PURPOSE: DONATION OF INSTRUMENTS | $6,606 |
BAND WITH MUSIC LTD PURPOSE: DONATION ON BEHALF OF FESTIVAL ARTIST | $5,000 |
PRESERVATION HALL FOUNDATION PURPOSE: DONATION ON BEHALF OF FESTIVAL ARTIST | $5,000 |
BUFFALO STRING WORKS PURPOSE: DONATION ON BEHALF OF FESTIVAL ARTIST | $5,000 |