Summerfest Foundation Inc
- Assets
- $0.0
- Revenue
- $300.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Milwaukee, WI
- Founding
- Data as of
- 12/2018
- EIN
- 45-2522052
Organization Overview
Summerfest Foundation Inc is located in Milwaukee, WI. Summerfest 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 12/2018, Summerfest Foundation Inc generated $300.8k 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 (26.3%) each year. All expenses for the organization totaled $6.7m during the year ending 12/2018. 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION IS ORGANIZED FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES OF MILWAUKEE WORLD FESTIVAL, INC., WHICH IS TO PROMOTE AN UNDERSTANDING OF DIFFERENT CULTURES, THE HISTORIES AND TRADITIONS OF VARIOUS NATIONALITIES, HARMONY IN THE COMMUNITY, CIVIC PRIDE AND PROVIDE A SHOWCASE FOR THE PERFORMING ARTS, ACTIVITIES AND RECREATION FOR THE PUBLIC AND EMPLOYMENT OPPORTUNITES FOR THE YOUTH OF THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAMS INCLUDE SUPPORT OF FREE CONCERT SERIES, JAZZ EDUCATION CAMP, GRANTS TO LOCAL CHARITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ted Kellner Director | Trustee | 0.1 | $0 |
P Michael Mahoney Director | Trustee | 0.1 | $0 |
Daniel Minahan Director | Trustee | 0.1 | $0 |
Bradley D Page Director | Trustee | 0.1 | $0 |
Howard Schnoll Director | Trustee | 0.1 | $0 |
Don Smiley President | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $43,000 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $43,000 |
| Total Program Service Revenue | $0 |
| Investment income | $225,305 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $32,465 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $300,770 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,694,254 |
| 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 | $5,900 |
| 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 | $0 |
| Office expenses | $5,715 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $1,929 |
| All other expenses | $0 |
| Total functional expenses | $6,707,798 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |
Grants Awarded
Over the last fiscal year, Summerfest Foundation Inc has awarded $6,694,254 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
PLAYWORKS EDUCATION ENERGIZED PURPOSE: GENERAL FUNDING | $12,500 |
MILWAUKEE DOWNTOWN INC PURPOSE: GENERAL FUNDING | $11,000 |
MILWAUKEE WORLD FESTIVAL INC PURPOSE: GENERAL FUNDING | $6,658,254 |
WISCONSIN PRESERVATION FUND PURPOSE: GENERAL FUNDING | $12,500 |