Norfolk Festevents Ltd
- Assets
- $2.8m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 90
- Location
- Norfolk, VA
- Founding
- 09/1984
- Data as of
- 12/2021
- 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 12/2021, Norfolk Festevents Ltd employed 90 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 12/2021, Norfolk Festevents Ltd generated $4.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $2.9m during the year ending 12/2021. 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
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 |
|---|---|---|---|
Karen Scherberger Former Executive Director | Officer | 75 | $182,375 |
Comell Ted Baroody Executive Director | Officer | 75 | $152,338 |
Radm Be Tobin Secretary | OfficerTrustee | 3 | $0 |
Kevin Brandal Treasurer | OfficerTrustee | 3 | $0 |
Judy Barrett President | OfficerTrustee | 3 | $0 |
Edward W Wolcott Jr Vice President | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $22,097 |
| Related organizations | $0 |
| Government grants | $2,348,921 |
| All other contributions, gifts, grants, and similar amounts not included above | $906,950 |
| Noncash contributions included in lines 1a–1f | $91,600 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,277,968 |
| Total Program Service Revenue | $818,513 |
| Investment income | $534 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$6,305 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,090,710 |
| 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. | $381,379 |
| Compensation of current officers, directors, key employees. | $381,379 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $720,123 |
| Pension plan accruals and contributions | $23,481 |
| Other employee benefits | $67,823 |
| Payroll taxes | $72,927 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,025 |
| Fees for services: Accounting | $16,868 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $83,226 |
| Office expenses | $152,484 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,251 |
| Travel | $8,949 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $30,651 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,640 |
| Insurance | $82,496 |
| All other expenses | $0 |
| Total functional expenses | $2,903,085 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,494,605 |
| 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 | $318,993 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,813,598 |
| 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 | $513,475 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $513,475 |
| 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 | $2,300,123 |
| Total liabilities and net assets/fund balances | $2,813,598 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Norfolk Festevents Ltd has recieved totaling $38,667.
| Awarding Organization | Amount |
|---|---|
Sentara Healthcare Norfolk, VA PURPOSE: SPONSORSHIP | $22,000 |
American Endowment Foundation Hudson, OH PURPOSE: GENERAL OPERATING SUPPORT | $16,667 |
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 |
Cullasaja Club Inc Highlands, NC | $18,372,890 | $6,912,030 |
Maryland State Fair And Agricultural Society Inc Timonium, MD | $17,597,510 | $10,711,144 |
National Automatic Merchandising Association Arlington, VA | $9,038,730 | $6,619,737 |
American Peanut Council Inc Alexandria, VA | $2,565,849 | $4,863,109 |
American Apparel And Footwear Association Washington, DC | $9,685,300 | $5,859,062 |
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 |
Virginia Beach Events Unlimited Inc Virginia Beach, VA | $1,283,401 | $2,894,814 |