Norfolk Festevents Ltd
- Assets
- $5.8m
- Revenue
- $6.4m
- Investments
- $0.0
- Employees
- 102
- Location
- Norfolk, VA
- Founding
- 09/1984
- Data as of
- 12/2023
- EIN
- 54-1118356
Organization Overview
Norfolk Festevents Ltd is located in Norfolk, VA. The organization was established in 1984. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. As of 12/2023, Norfolk Festevents Ltd employed 102 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norfolk Festevents Ltd 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 12/2023, Norfolk Festevents Ltd generated $6.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $5.2m during the year ending 12/2023. While expenses have increased by 3.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PRODUCE AND PROMOTE PERIODIC HARBOR SHOWS AND FESTIVALS AND PRESENT EXHIBITIONS
Describe the Organization's Program Activity:
Part 3 - Line 4a
HARBOR SHOWS, FESTIVALS, AND EXHIBITIONS - THE ORGANIZATION PRODUCES AND PROMOTES VARIOUS EVENTS FOR THE EDUCATION, BENEFIT AND WELFARE OF THE CITIZENS OF HAMPTON ROADS, VIRGINIA. EVENTS INCLUDE, BUT ARE NOT LIMITED TO THE FOLLOWING: NORFOLK HARBORFEST, BAYOU BOOGALOO, HOLIDAYCELEBRATIONS, MUSIC FESTIVALS AND WINE FESTIVALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Judy Barrett President | OfficerTrustee | 3 | $0 |
Edward W Wolcott Jr Vice President | OfficerTrustee | 3 | $0 |
Radm Be Tobin Secretary | OfficerTrustee | 3 | $0 |
Kevin Brandal Treasurer | OfficerTrustee | 3 | $0 |
Rudy Middleton III Immediate Past President | Trustee | 3 | $0 |
Rafaelle L Allen Director | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $6,750 |
| Related organizations | $0 |
| Government grants | $3,871,893 |
| All other contributions, gifts, grants, and similar amounts not included above | $748,671 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,627,314 |
| Total Program Service Revenue | $1,811,718 |
| Investment income | $1,200 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$7,773 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,432,459 |
| 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. | $476,162 |
| Compensation of current officers, directors, key employees. | $476,162 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $975,697 |
| Pension plan accruals and contributions | $26,238 |
| Other employee benefits | $61,171 |
| Payroll taxes | $89,176 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,493 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $205,473 |
| Office expenses | $180,729 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $30,658 |
| Travel | $46,091 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $28,420 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $83,295 |
| Insurance | $151,301 |
| All other expenses | $0 |
| Total functional expenses | $5,196,326 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,644,643 |
| 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 | $148,055 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,792,698 |
| Accounts payable and accrued expenses | $0 |
| 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 | $461,779 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $461,779 |
| 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 | $5,330,919 |
| Total liabilities and net assets/fund balances | $5,792,698 |