Cedar Rapids Freedom Festival Inc
- Assets
- $163.4k
- Revenue
- $420.3k
- Investments
- $0.0
- Employees
- 6
- Location
- Cedar Rapids, IA
- Founding
- 03/1993
- Data as of
- 09/2023
- EIN
- 42-1329035
Organization Overview
Cedar Rapids Freedom Festival Inc is located in Cedar Rapids, IA. The organization was established in 1993. According to its NTEE Classification (A84) the organization is classified as: Commemorative Events, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 09/2023, Cedar Rapids Freedom Festival Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cedar Rapids Freedom 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 09/2023, Cedar Rapids Freedom Festival Inc generated $420.3k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $474.3k during the year ending 09/2023. 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
THE CEDAR RAPIDS FREEDOM FESTIVAL, INC. CELEBRATES THE QUALITY OF LIFE IN EASTERN IOWA BY PROVIDING SAFE, AFFORDABLE, AND FUN ANNUAL EVENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CEDAR RAPIDS FREEDOM FESTIVAL IS A THREE WEEK FESTIVAL THAT CULMINATES IN THE 4TH OF JULY TRADITIONS AND PROGRAMMING. THIS INCLUDES THE PANCAKE BREAKFAST, CLASSIC CAR SHOW, AND CELEBRATION OF FREEDOM FIREWORKS DISPLAY. THIS IS THE LARGEST 4TH OF JULY FIREWORKS DISPLAY IN THE STATE OF IOWA. PROGRAMMING INCLUDES A CONCERT, KIDS PROGRAMMING, VENDORS, AND A 25-MINUTE FIREWORKS DISPLAY. THESE ACTIVITIES ARE ENJOYED BY MORE THAN 50,000 PEOPLE EACH 4TH OF JULY.
THE CEDAR RAPIDS FREEDOM FESTIVAL FOCUSES ON PROGRAMMING OPTIONS THAT ARE LOW OR NO COST FOR THE COMMUNITY. ONE SIGNATURE EVENT EACH SUMMER IS THE BALLOON GLOW. THIS EVENT FEATURES HOT AIR BALLOONS, A CONCERT, AND VENDORS. ADMISSION IS A FREEDOM FESTIVAL BUTTION (10) THAT ALSO PROVIDES YOU ADMISSION INTO ADDITIONAL PROGRAMMING EACH JUNE-JULY.
THE CEDAR RAPIDS FREEDOM FESTIVAL FOCUSES ON PROGRAMMING EACH JUNE AND JULY LEADING UP TO AND INCLUDING THE 4TH OF JULY PATRIOTIC HOLIDAY. ADDITIONAL PROGRAMMING OFFERED BY THE CEDAR RAPIDS FREEDOM FESTIVAL INCLUDE THE TRIBUTE TO HEROES DINNER, THE FREEDOM BIKE RIDE, A LASER LIGHT SHOW, A PARADE, AND A PATRIOTIC PORCH CONTEST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karol Shepherd Executive Di | Officer | 40 | $63,115 |
Jeff Brunscheen President | OfficerTrustee | 1 | $0 |
Jessica Mackey Vice Preside | OfficerTrustee | 1 | $0 |
Emily Upah Secretary | OfficerTrustee | 1 | $0 |
Joe Winters Treasurer | OfficerTrustee | 1 | $0 |
Becky Eckley Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $50,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $301,837 |
| Noncash contributions included in lines 1a–1f | $15,100 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $351,837 |
| Total Program Service Revenue | $51,148 |
| Investment income | $6,574 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$85 |
| Net Income from Fundraising Events | -$5,326 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $15,960 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $420,308 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,325 |
| 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. | $64,296 |
| Compensation of current officers, directors, key employees. | $16,074 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $41,517 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,472 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,856 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,219 |
| Fees for services: Other | $57,638 |
| Advertising and promotion | $2,175 |
| Office expenses | $5,643 |
| Information technology | $1,790 |
| Royalties | $0 |
| Occupancy | $43,483 |
| Travel | $1,466 |
| 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 | $262 |
| Insurance | $17,666 |
| All other expenses | $92,771 |
| Total functional expenses | $474,347 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,805 |
| 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 | $305 |
| Investments—publicly traded securities | $161,322 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $163,432 |
| Accounts payable and accrued expenses | $817 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $291 |
| Total liabilities | $1,108 |
| Net assets without donor restrictions | $0 |
| 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 | $162,324 |
| Total liabilities and net assets/fund balances | $163,432 |