Patriotic Festival Ii Inc
- Assets
- $513.6k
- Revenue
- $224.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Virginia Beach, VA
- Founding
- 07/2015
- Data as of
- 09/2021
- EIN
- 46-1601615
Organization Overview
Patriotic Festival Ii Inc is located in Virginia Beach, VA. The organization was established in 2015. According to its NTEE Classification (W30) the organization is classified as: Military & Veterans Organizations, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Patriotic Festival Ii 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 09/2021, Patriotic Festival Ii Inc generated $224.2k 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 (37.7%) each year. All expenses for the organization totaled $494.3k during the year ending 09/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CELEBRATE PATRIOTISM AND SHOW APPRECIATION AND SUPPORT TO ACTIVE DUTY AND RETIRED MILITARY PERSONNEL AND THEIR FAMILIES DURING A THREE-DAY FESTIVAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SHOW PUBLIC SUPPORT FOR OUR MILITARY SERVICES, PATRIOTIC FESTIVAL, ALONG WITH THE CITY OF NORFOLK, VA AND SPONSORING BUSINESSES, PROVIDE CONCERTS AND ENTERTAINMENT AT AN ANNUAL THREE-DAY FESTIVAL AT THE NORFOLK WATERSIDE DISTRICT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ira Agricola President | OfficerTrustee | 15 | $0 |
Micheal Burton Treasurer | OfficerTrustee | 0.5 | $0 |
Glen M Robertson Director | Trustee | 0.5 | $0 |
Andy Stephenson Director | Trustee | 0.5 | $0 |
Emily Reynolds Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $96,000 |
| Investment income | $42 |
| 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 | $224,171 |
| Statement of Expenses | |
|---|---|
| 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 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 | $175,270 |
| Fees for services: Legal | $16,499 |
| Fees for services: Accounting | $7,855 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,808 |
| Office expenses | $679 |
| Information technology | $157 |
| 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 | $59 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $200 |
| All other expenses | $0 |
| Total functional expenses | $494,275 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $512,320 |
| 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 | $1,234 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $513,554 |
| Accounts payable and accrued expenses | $60,331 |
| Grants payable | $0 |
| Deferred revenue | $353,580 |
| 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 | $413,911 |
| 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 |
| Total liabilities and net assets/fund balances | $99,643 |