Suffolk Festivals Inc
- Assets
- $130.7k
- Revenue
- $367.1k
- Investments
- $0.0
- Employees
- 2
- Location
- Suffolk, VA
- Founding
- 12/1986
- Data as of
- 12/2021
- EIN
- 54-1338401
Organization Overview
Suffolk Festivals Inc is located in Suffolk, VA. The organization was established in 1986. 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, Suffolk Festivals Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Suffolk Festivals 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 12/2021, Suffolk Festivals Inc generated $367.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.1%) each year. All expenses for the organization totaled $349.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.0%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE AND PROMOTE THE CIVIC BETTERMENT AND GENERAL WELFARE OF THE CITY OF SUFFOLK AND EXPLOIT THE NATURAL RESOURCES AND OPPORTUNITIES OF THE COMMUNITY, ITS TRADE AND COMMERCE, AND ITS EDUCATIONAL LIFE, BY PROVIDING RECREATION AND ENTERTAINMENT FOR ALL AND BY ENHANCING THE QUALITY OF LIFE OF ITS PEOPLE; TO ADVANCE THE COMMERCIAL, ECONOMIC, SOCIAL, CULTURAL AND ATHLETIC INTERESTS WITHIN THE COMMUNITY; TO CREATE A SPIRIT OF GOODWILL AND FRIENDLINESS AMONG THE PEOPLE OF THIS COMMUNITY AND THOSE LIVING ELSEWHERE IN THE STATE AND NATION, AND TO EXPAND COMMERCIAL, ECONOMIC AND SOCIAL RELATIONSHIPS IN THE GENERAL TRADE AREA OF THE COMMUNITY; TO PROVIDE PROGRAMS OF COMMON INTEREST FOR THE PEOPLE OF THE COMMUNITY; TO PROMOTE, PRODUCE AND STAGE SUCH EVENTS AND ATTRACTIONS AS SHALL APPEAL TO THE COMMUNITY AND SHALL ATTRACT GUESTS AND VISITORS THERETO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EACH YEAR AS MANY AS 300 VOLUNTEERS WORK TOGETHER TIRELESSLY TO PRESENT THE CITIZENS OF SUFFOLK, HAMPTON ROADS AND BEYOND AND EVENT THAT HONORS THE CITY'S AGRICULTURE HERITAGE AND DEVOTION TO PEANUTS, OUR FAVORITE LEGUMES. KNOWN FOR ITS FUN FAMILY ACTIVITIES, SUFFOLK PEANUT FEST OFFERS CONCERTS, AMUSEMENT RIDES, CONTESTS AND COMPETITIONS. IN ADDITION, HUNDREDS OF EXHIBITS ARE ON DISPLAY THAT ARE INTERESTING AND IN MANY CASES EDUCATIONAL.NOW IN ITS 44TH YEAR, THE SUFFOLK PEANUT FEST ATTRACTS AS MANY AS 200,000 VISITORS OVER THE FOUR DAYS DEDICATED TO THIS HUGE EVENT. WITH SOMETHING FOR EVERY AGE, THE SUFFOLK PEANUT FEST IS A PLACE FILLED WITH FAMILY TRADITIONS AND A PLACE WHERE MEMORIES ARE MADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William D Wyatt Sr President | Officer | 2 | $0 |
Thomas C Andrews Jr Vice President | Officer | 2 | $0 |
W Randolph Carter Jr Secretary | Officer | 1 | $0 |
Priscilla Taylor Treasurer | Officer | 2 | $0 |
Richard Bradshaw Director | Trustee | 0 | $0 |
Theresa Earles Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $96,873 |
| Noncash contributions included in lines 1a–1f | $8,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $96,873 |
| Total Program Service Revenue | $270,251 |
| Investment income | $22 |
| 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 | $367,146 |
| 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 | $42,542 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,691 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25 |
| 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 | $2,135 |
| 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 | $26,731 |
| All other expenses | $3,510 |
| Total functional expenses | $349,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $130,675 |
| 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 | $130,675 |
| 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 |
| Net assets without donor restrictions | $130,675 |
| 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 | $130,675 |
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 |