Friends Of The Festival Inc
- Assets
- $2.8m
- Revenue
- $3.4m
- Investments
- $70.0k
- Employees
- 12
- Location
- Chattanooga, TN
- Founding
- 11/1981
- Data as of
- 09/2022
- EIN
- 62-1112739
Organization Overview
Friends Of The Festival Inc is located in Chattanooga, TN. The organization was established in 1981. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. As of 09/2022, Friends Of The Festival Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of The 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 09/2022, Friends Of The Festival Inc generated $3.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.2%) each year. All expenses for the organization totaled $3.5m during the year ending 09/2022. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 7 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
TO PRODUCE, MANAGE, AND OPERATE PREMIER EVENTS WITH THE RIVERBEND FESTIVAL AS ITS FLAGSHIP EVENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOLD ANNUAL RIVERBEND FESTIVAL AND OTHER EVENTS TO PROMOTE ECONOMIC DEVELOPMENT, COMMUNITY INVOLVEMENT & HARMONY IN THE CHATTANOOGA, TN AREA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mickey Mccamish Executive Director | Officer | 40 | $100,000 |
Kim Swafford Secretary | OfficerTrustee | 2 | $0 |
Rebecca F Browder President | OfficerTrustee | 2 | $0 |
Thomas Lee Treasurer | OfficerTrustee | 2 | $0 |
Mary Kilbride Past President | OfficerTrustee | 2 | $0 |
Andrew Zito Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $700,455 |
| All other contributions, gifts, grants, and similar amounts not included above | $806,410 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,506,865 |
| Total Program Service Revenue | $1,800,117 |
| Investment income | $9,602 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $11,070 |
| Net Gain/Loss on Asset Sales | $5,600 |
| Net Income from Fundraising Events | $21,500 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,355,227 |
| 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. | $100,000 |
| Compensation of current officers, directors, key employees. | $35,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $149,524 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $12,031 |
| Payroll taxes | $20,827 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $38,396 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $678,571 |
| Advertising and promotion | $21,655 |
| Office expenses | $39,426 |
| Information technology | $16,265 |
| Royalties | $0 |
| Occupancy | $59,913 |
| Travel | $4,943 |
| 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 | $14,761 |
| Insurance | $136,264 |
| All other expenses | $80,031 |
| Total functional expenses | $3,526,089 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,370 |
| Savings and temporary cash investments | $2,628,230 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,650 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $14,904 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $56,206 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $70,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,789,360 |
| Accounts payable and accrued expenses | $23,546 |
| 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 | $0 |
| Total liabilities | $23,546 |
| Net assets without donor restrictions | $2,765,814 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,789,360 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Friends Of The Festival Inc has recieved totaling $42,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Chattanooga Inc Chattanooga, TN PURPOSE: RIVERBEND FESTIVAL SUPPORT | $25,000 |
Community Foundation Of Greater Chattanooga Inc Chattanooga, TN PURPOSE: RIVERFRONT NIGHTS SUPPORT | $10,000 |
Farrow Family Foundation Ooltewah, TN PURPOSE: PROGRAM FUND | $2,500 |
Farrow Family Foundation Ooltewah, TN PURPOSE: PROGRAM FUND | $2,500 |
Community Foundation Of Greater Chattanooga Inc Chattanooga, TN PURPOSE: ANONYMOUS - MOVIE LICENSE, PORT-A-POTTY, VOLUNTEER PROVISIONS | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Liberty Bowl Festival Assn Memphis, TN | $2,194,602 | $10,839,086 |
Printing United Alliance Fairfax, VA | $29,361,359 | $6,023,644 |
American Royal Association Kansas City, MO | $28,283,023 | $7,000,256 |
Cullasaja Club Inc Highlands, NC | $18,372,890 | $6,912,030 |
National Automatic Merchandising Association Arlington, VA | $9,038,730 | $6,619,737 |
American Peanut Council Inc Alexandria, VA | $2,565,849 | $4,863,109 |
Arkansas Livestock Show Assoc Little Rock, AR | $4,870,203 | $5,931,539 |
Friends Of The Festival Inc Chattanooga, TN | $2,789,360 | $3,355,227 |
Kentucky Derby Festival Inc Louisville, KY | $6,625,289 | $3,844,478 |
Norfolk Festevents Ltd Norfolk, VA | $2,813,598 | $4,090,710 |
National D-Day Memorial Foundation Ltd Bedford, VA | $18,908,429 | $4,372,645 |
Sunbelt Agricultural Exposition Inc Moultrie, GA | $986,541 | $2,489,467 |