Historic Morganton Festival Inc
- Assets
- $96.6k
- Revenue
- $250.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Morganton, NC
- Founding
- 11/1983
- Data as of
- 12/2022
- EIN
- 58-1371611
Organization Overview
Historic Morganton Festival Inc, operating under the name Historic Morganton Festival In, is located in Morganton, NC. The organization was established in 1983. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Historic Morganton Festival In is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Historic Morganton Festival In generated $250.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (6.1%) each year. All expenses for the organization totaled $244.4k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (7.2%) per year over the past 4 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
BENEFIT AND DEVELOPMENT OF THE CITY OF MORGANTON COMMUNITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
FESTIVAL: A TWO DAY DOWNTOWN FESTIVAL FEATURING EVENTS WITH EXPENSES TOTALLING $ 142 900FRIDAY NIGHT: A SERIES OF APPROXIMATELY 13 FRIDAY NIGHT EVENTS WITH EXPENSES TOTALLING $ 55 567FARMERS MARKETS: A SERIES OF EVENTS FEATURING SEASONAL FARMERS MARKET WITH EXPENSES TOTALLING $ 20 873MADE: ARTS & DESIGN ENGINEERING CHALLENGE FOR MIDDLE & HIGH SCHOOLERS WITH EXPENSES TOTALLING $ 17 327
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Gregory Board Director | Trustee | 1 | $0 |
Fons Giles Board Director | Trustee | 1 | $0 |
Eddie Mcgimsey Board Director | Trustee | 1 | $0 |
Ed Phillips Board Director | Trustee | 1 | $0 |
Gene Reihl Board Director | Trustee | 1 | $0 |
Tamera Suther Board Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,007 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,007 |
| Total Program Service Revenue | $237,534 |
| Investment income | $234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $250,761 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $15,676 |
| Office expenses | $1,430 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,486 |
| 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 | $0 |
| Insurance | $16,219 |
| All other expenses | $7,811 |
| Total functional expenses | $244,394 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $96,568 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $96,568 |
| Accounts payable and accrued expenses | $2,705 |
| Grants payable | $0 |
| Deferred revenue | $11,000 |
| 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 | $13,705 |
| 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 | $82,863 |
| Total liabilities and net assets/fund balances | $96,568 |