North Carolina International Folk Festival Inc
- Assets
- $1.4m
- Revenue
- $245.8k
- Investments
- $0.0
- Employees
- 7
- Location
- Waynesville, NC
- Founding
- 09/1983
- Data as of
- 10/2020
- EIN
- 56-1369199
Organization Overview
North Carolina International Folk Festival Inc is located in Waynesville, NC. The organization was established in 1983. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 10/2020, North Carolina International Folk Festival Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina International Folk 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 10/2020, North Carolina International Folk Festival Inc generated $245.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (10.6%) each year. All expenses for the organization totaled $255.7k during the year ending 10/2020. As we would expect to see with falling revenues, expenses have declined by (13.1%) per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE AN ANNUAL INTERNATIONAL FOLK DANCE AND MUSIC FESTIVAL HELD IN WESTERN NORTH CAROLINA. PROGRAMMING PROVIDING CULTURAL EXCHANGE IS HELD THROUGOUT THE YEAR TO EXPAND ON THE OVERALL MISSION OF EXCHANGE THROUGH FOCUSED EVENTS PROVIDING DIFFERENT CULTURES TO BE HIGHLIGHTED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOLKMOOT FESTIVAL PERFORMANCES DID NOT TAKE PLACE IN JULY 2020. HOWEVER, ADDITIONAL PROGRAMS FOR CULTURAL EXCHANGE WERE HELD PRIOR TO THE ONSET OF THE COVID-19 PANDEMIC. LOYAL CONTRIBUTORS CONTINUED TO SUPPORT THE PROGRAMS AND HOPE THE ANNUAL FESTIVAL WOULD RETURN IN THE NEAR TERM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angeline Schwab Executive Di | Officer | 40 | $68,494 |
Mark Bumgarner Treasurer | OfficerTrustee | 2 | $0 |
Kevin M Fitzgerald Vice Chairma | OfficerTrustee | 2 | $0 |
David Francis President | OfficerTrustee | 6 | $0 |
Neal Ensley Director | Trustee | 1 | $0 |
Steve Kaufman Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $186,406 |
| Investment income | $266 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $27,642 |
| Net Gain/Loss on Asset Sales | -$814 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $987 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $245,770 |
| 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. | $53,844 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $83,982 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,569 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $352 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,081 |
| Office expenses | $12,329 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $28,592 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,526 |
| Interest | $1,760 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,551 |
| Insurance | $11,571 |
| All other expenses | $0 |
| Total functional expenses | $255,654 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,436 |
| Savings and temporary cash investments | $205,268 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,340 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,362,327 |
| Accounts payable and accrued expenses | $16,463 |
| 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 | $187,694 |
| Other liabilities | $55,869 |
| Total liabilities | $260,026 |
| 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 | $1,102,301 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that North Carolina International Folk Festival Inc has recieved totaling $10,775.
| Awarding Organization | Amount |
|---|---|
United Arts Council Of Greater Greensboro Inc Greensboro, NC PURPOSE: AG RELIEF GRANT | $10,770 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Endowment Analysis
| Beg. Balance | $419,063 |
| Earnings | $25,446 |
| Admin Expense | $2,668 |
| Grants | $24,100 |
| Ending Balance | $417,742 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Coalition To Salute Americas Heroes Foundation Leesburg, VA | $3,573,595 | $8,478,376 |
Music City Inc Nashville, TN | $1,837,848 | $7,930,504 |
Spoleto Festival U S A Charleston, SC | $23,626,585 | $7,325,323 |
Crosstown Arts Memphis, TN | $38,457,214 | $4,680,625 |
John C Campbell Folk School Brasstown, NC | $20,488,128 | $4,524,565 |
Arts Center Of Coastal Carolina Hilton Head Island, SC | $10,441,766 | $4,547,581 |
Cafe 1040 Inc Alpharetta, GA | $1,445,364 | $4,184,740 |
Memphis Equity Through Arts Meta Incorporated Memphis, TN | $5,874,530 | $7,164,597 |
Memphis In May International Festival Inc Memphis, TN | $4,677,503 | $2,273,583 |
Safe States Alliance Atlanta, GA | $855,123 | $2,462,301 |
Artsnow Inc Atlanta, GA | $4,742,407 | $2,526,341 |
Suffolk Center For Cultural Arts Foundation Suffolk, VA | $18,737,592 | $3,812,474 |