Civic Intelligence

Globalfest Inc

EIN 27-3612523 • 501(c)3 • Brooklyn, NY

Profile

Globalfest believes that music can be a driving force toward a society that values cultural diversity as a source of unity rather than division. By moving international music to the center of the performing arts field, globalfest fosters a robust and sustainable ecosystem for world music in the u.s.globalfest's programs catalyze creative and artistic networks that break down cultural and social boundaries to support and share the world's music through performance, touring and media.

179 Prospect Park West 4LBrooklyn, NY 11215

www.globalfest.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

76th percentile

0.05x

Higher debt load relative to assets than 76% of similar nonprofits.

NTEE P20 • <$500k nonprofits • Source year 2024

Liabilities / Revenue

73rd percentile

0.01x

Higher debt load relative to revenue than 73% of similar nonprofits.

NTEE P20 • <$500k nonprofits • Source year 2024

Net Margin

10th percentile

-49%

Higher net margin than 10% of similar nonprofits.

NTEE P20 • <$500k nonprofits • Source year 2024

Top Officer Pay

92nd percentile

$26,120

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 16.6% of source-year revenue.

NTEE P20 • <$500k nonprofits • Source year 2024

Asset Growth

11th percentile

-71%

Faster asset growth than 11% of similar nonprofits.

NTEE P20 • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

74th percentile

41%

Faster revenue growth than 74% of similar nonprofits.

NTEE P20 • <$500k nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$182,506

Down $45,826 (-20%) from 2021

Liabilities

Down

$1,512

Down $1,500 (-50%) from 2021

Net Assets

Down

$180,994

Down $44,326 (-20%) from 2021

Operations
Liabilities / Revenue73rd percentileNet Margin10th percentile

Revenue

Down

$81,109

Down $19,032 (-19%) from 2021

Expenses

Down

$125,435

Down $68,285 (-35%) from 2021

Net Income

Up

-$44,326

Up $49,253 (+53%) from 2021

Trend Graphs

Balance Sheet Trend

Asset Growth11th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600K$400K$200K$0Assets 2013: $104,012Liabilities 2013: $120Net Assets 2013: $103,8922013Assets 2014: $69,042Liabilities 2014: $7,959Net Assets 2014: $61,0832014Assets 2015: $471,951Liabilities 2015: $17,032Net Assets 2015: $454,9192015Assets 2016: $372,640Liabilities 2016: $12,652Net Assets 2016: $359,9882016Assets 2017: $253,534Liabilities 2017: $9,179Net Assets 2017: $244,3552017Assets 2018: $368,586Liabilities 2018: $5,510Net Assets 2018: $363,0762018Assets 2020: $321,911Liabilities 2020: $3,012Net Assets 2020: $318,8992020Assets 2021: $228,332Liabilities 2021: $3,012Net Assets 2021: $225,3202021Assets 2022: $182,506Liabilities 2022: $1,512Net Assets 2022: $180,9942022

Highlighted filing

2022

Assets$182,506
Liabilities$1,512
Net Assets$180,994
Open 2022 Filing

Operations Trend

Revenue Growth74th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$600K$400K$200K$0-$200KExpenses 2013: $157,2142013Revenue 2014: $132,746Expenses 2014: $175,555Net Income 2014: -$42,8092014Revenue 2015: $580,239Expenses 2015: $186,403Net Income 2015: $393,8362015Revenue 2016: $172,225Expenses 2016: $267,156Net Income 2016: -$94,9312016Revenue 2017: $160,320Expenses 2017: $275,953Net Income 2017: -$115,6332017Revenue 2018: $360,670Expenses 2018: $241,949Net Income 2018: $118,7212018Revenue 2020: $240,036Expenses 2020: $189,853Net Income 2020: $50,1832020Revenue 2021: $100,141Expenses 2021: $193,720Net Income 2021: -$93,5792021Revenue 2022: $81,109Expenses 2022: $125,435Net Income 2022: -$44,3262022

Highlighted filing

2022

Revenue$81,109
Expenses$125,435
Net Income-$44,326
Open 2022 Filing

Filings

Most recent year

2022 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$182,506
Liabilities
$1,512
Net assets
$180,994
Revenue
$81,109
Expenses
$125,435
Net income
-$44,326
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.83$0.02$1.81$0.81$1.25$0.44
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.28$0.03$2.25$1.00$1.94$0.94
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.22$0.03$3.19$2.40$1.90$0.50
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.69$0.06$3.63$3.61$2.42$1.19
2017Detailed filing. Detailed filing data is available for this year.$2.54$0.09$2.44$1.60$2.76$1.16
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.73$0.13$3.60$1.72$2.67$0.95
2015Detailed filing. Detailed filing data is available for this year.$4.72$0.17$4.55$5.80$1.86$3.94
2014Detailed filing. Detailed filing data is available for this year.$0.69$0.08$0.61$1.33$1.76$0.43
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.04$0.00$1.04$1.57
Latest Detailed Filing

The latest 2022 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2021 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 16, 2022
Return Version
2020v4.1
Gross Receipts
$100,141
Mission and Program Overview

Mission

To advance and promote international performing arts traditions throughout the north american presenting field through activities including festivals, showcases and concerts, etc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$318,918$228,332▼ $90,586
Pledges and Grants Receivable$2,993--
Total Assets$321,911$228,332▼ $93,579
Liabilities
Accounts Payable and Accrued Expenses$3,012$3,012→ $0
Total Liabilities$3,012$3,012→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$157,302$208,823▲ $51,521
Net Assets With Donor Restrictions$161,597$16,497▼ $145,100
Total Net Assets Fund Balance$318,899$225,320▼ $93,579
Total Liabilities and Net Assets / Fund Balance$321,911$228,332▼ $93,579
Compensation and Service Providers
Top Officer Pay92nd percentile

Board Members and Trustees

NameTitle
Isabel SofferPresident
Bill BraginSecretary
Shannon ThakeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$94,327
Program Service Revenue
$5,814
Investment Income
$0
Other Revenue
$0
All Other Contributions
$48,491
Change in Net Assets
$-93,579
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$134,675
Salaries, Compensation, and Employee Benefits$59,045
Total Fundraising Expense$13,235
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$65,259$21,045$13,000$99,304
Other Salaries and Wages$13,500$45,545$0$59,045
Advertising$6,293$2,548$0$8,841
Fees for Services Accounting$0$3,280$0$3,280
Office Expenses$398$2,463$235$3,096
Conferences and Meetings$825$0$0$825
Other Expenses$0$125$0$125
Total Functional Expenses$103,902$76,583$13,235$193,720
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Globalfest Inc
EIN
27-3612523
Phone
2125398540
Address
179 PROSPECT PARK WEST 4L, BROOKLYN, NY 11215

Signing Officer

Name
Shannon Thake
Title
Treasurer
Phone
2125398540
Signed
2022-02-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Shannon Thake
Formed
2010
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Rich and Bander Llp
Address
79 Madison Avenue 2nd Floor, New York, NY 10016
Preparer
Jonathan a Bander
Phone
2126842470
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“Organization's process to review form 990. Form 990 is made available to all officers and members of the governing board.”

Pt VI, Line 12C

“Enforcement of conflicts policy the officers and the board of directors regularly review the conflict of interest policy and oversee both initial and annual disclosures. And related party transactions must be approved by the board as fair, reasonable, and in the best interest of the corporation.”

Pt VI, Line 19

“Governing documents disclosure explanation - certain policies and documents can be made available upon request.”

Form 990, Part IX, Line 11G

“Artist fees 69475. 57475. 0. 12000.”

Form 990, Part IX, Line 11G

“Outside services 29829. 7784. 21045. 1000.”

Raw XML Appendix364 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/BooksInCareOfDetail/USAddress/ZIPCd010001
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IRS990/ConferencesMeetingsGrp/TotalAmt0825
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IRS990/ConservationEasementsInd0false
IRS990/ConsolidatedAuditFinclStmtInd0false
IRS990/CreditCounselingInd0false
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IRS990/CYGrantsAndSimilarPaidAmt00
IRS990/CYInvestmentIncomeAmt00
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IRS990/DecisionsSubjectToApprovaInd0false
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IRS990/DeductibleNonCashContriInd0false
IRS990/DelegationOfMgmtDutiesInd0false
IRS990/DepreciationDepletionGrp/FundraisingAmt00
IRS990/DepreciationDepletionGrp/ManagementAndGeneralAmt00
IRS990/DepreciationDepletionGrp/ProgramServicesAmt00
IRS990/DepreciationDepletionGrp/TotalAmt00
IRS990/Desc0Globalfest Flagship Festival - takes place every January and is North America's most important world music industry event. It sells out in advance consistently each year, attracting over 1,500 music industry professionals, members of the press and music fans. Tours and cultural exchanges that result from Globalfest showcases have helped to build an ever-widening audience for global music and by extension, an increase in international cooperation and collaboration.
IRS990/DescribedInSection501c3Ind0true
IRS990/DisregardedEntityInd0false
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IRS990/DonorAdvisedFundInd0false
IRS990/DonorRestrictionNetAssetsGrp/BOYAmt0161597
IRS990/DonorRestrictionNetAssetsGrp/EOYAmt016497
IRS990/DonorRstrOrQuasiEndowmentsInd0false
IRS990/ElectionOfBoardMembersInd0false
IRS990/EmployeeCnt00
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IRS990/ExpenseAmt087277
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IRS990/FederalGrantAuditRequiredInd0false
IRS990/FeesForServicesAccountingGrp/FundraisingAmt00
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IRS990/FeesForServicesOtherGrp/ProgramServicesAmt065259
IRS990/FeesForServicesOtherGrp/TotalAmt099304
IRS990/ForeignActivitiesInd0false
IRS990/ForeignFinancialAccountInd0false
IRS990/ForeignOfficeInd0false
IRS990/Form8282PropertyDisposedOfInd0false
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt015.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt115.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt215.00
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IRS990/Form990PartVIISectionAGrp/PersonNm0ISABEL SOFFER
IRS990/Form990PartVIISectionAGrp/PersonNm1SHANNON THAKE
IRS990/Form990PartVIISectionAGrp/PersonNm2BILL BRAGIN
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990ProvidedToGvrnBodyInd0true
IRS990/FormationYr02010
IRS990/FormerOfcrEmployeesListedInd0false
IRS990/FSAuditedInd0false
IRS990/FundraisingActivitiesInd0false
IRS990/GamingActivitiesInd0false
IRS990/GoverningBodyVotingMembersCnt03
IRS990/GovernmentGrantsAmt045836
IRS990/GrantAmt00
IRS990/GrantsToIndividualsInd0false
IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossReceiptsAmt0100141
IRS990/GroupReturnForAffiliatesInd0false
IRS990/IncludeFIN48FootnoteInd0false
IRS990/IndependentAuditFinclStmtInd0false
IRS990/IndependentVotingMemberCnt03
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InvestmentInJointVentureInd0false
IRS990/IRPDocumentCnt010
IRS990/IRPDocumentW2GCnt00
IRS990/LegalDomicileStateCd0NY
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0TO ADVANCE AND PROMOTE INTERNATIONAL PERFORMING ARTS TRADITIONS THROUGHOUT THE NORTH AMERICAN PRESENTING FIELD THROUGH ACTIVITIES INCLUDING FESTIVALS, SHOWCASES AND CONCERTS, ETC.
IRS990/MoreThan5000KToIndividualsInd0false
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IRS990/NetAssetsOrFundBalancesBOYAmt0318899
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IRS990/NetUnrelatedBusTxblIncmAmt00
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IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OfficeExpensesGrp/FundraisingAmt0235
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IRS990/OfficeExpensesGrp/ProgramServicesAmt0398
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IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherExpensesGrp/Desc0Miscellaneous
IRS990/OtherExpensesGrp/Desc1Merchandise
IRS990/OtherExpensesGrp/Desc2Production expense
IRS990/OtherExpensesGrp/Desc3Registrations and Filings
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IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt00
IRS990/ProgSrvcAccomActy3Grp/Desc0Wavelengths Conference is normally held during the APAP conference in New York each January and serves as space for critical dialogues between artists and arts professionals. It is considered an accessible resource for career development, networking, and leadership opportunities for the next generations of NYC arts professionals with an emphasis on younger BIPOC colleagues.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Other Income Part II, Line 10 Description: Miscellaneous income 2016: 2176. 2017: 5004. 2019: 590.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Pt II Ln 10
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ORGANIZATION'S PROCESS TO REVIEW FORM 990. FORM 990 IS MADE AVAILABLE TO ALL OFFICERS AND MEMBERS OF THE GOVERNING BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ENFORCEMENT OF CONFLICTS POLICY THE OFFICERS AND THE BOARD OF DIRECTORS REGULARLY REVIEW THE CONFLICT OF INTEREST POLICY AND OVERSEE BOTH INITIAL AND ANNUAL DISCLOSURES. AND RELATED PARTY TRANSACTIONS MUST BE APPROVED BY THE BOARD AS FAIR, REASONABLE, AND IN THE BEST INTEREST OF THE CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS DISCLOSURE EXPLANATION - CERTAIN POLICIES AND DOCUMENTS CAN BE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ARTIST FEES 69475. 57475. 0. 12000.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4OUTSIDE SERVICES 29829. 7784. 21045. 1000.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part IX, Line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 11g
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0103902
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IRS990/USAddress/AddressLine1Txt0SAME AS C ABOVE
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IRS990/USAddress/StateAbbreviationCd0NY
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IRS990/WebsiteAddressTxt0WWW.GLOBALFEST.ORG
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
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ReturnHeader/BuildTS02022-03-31 18:45:55Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0SHANNON THAKE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum02125398540
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-02-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GLOBALFEST INC
ReturnHeader/Filer/BusinessNameControlTxt0GLOB
ReturnHeader/Filer/EIN0273612523
ReturnHeader/Filer/PhoneNum02125398540
ReturnHeader/Filer/USAddress/AddressLine1Txt0179 PROSPECT PARK WEST 4L
ReturnHeader/Filer/USAddress/CityNm0BROOKLYN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd011215
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RICH AND BANDER LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt079 Madison Avenue 2nd Floor
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0New York
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010016
ReturnHeader/PreparerPersonGrp/PhoneNum02126842470
ReturnHeader/PreparerPersonGrp/PreparationDt02022-02-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JONATHAN A BANDER
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02022-02-16T01:52:02-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0SHANNON
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0THAKE
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

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