Civic Intelligence

Globalfest Inc.

990 • Fiscal year 2018 • EIN 27-3612523

Jul 01, 2017 to Jun 30, 2018 • Filed on Mar 01, 2019

Organization ProfileWWW.GLOBALFEST.ORG
179 Prospect Park West 4LBrooklyn, NY 11215

(212) 539-8540

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

65th percentile

0.01x

Higher debt load relative to assets than 65% of similar nonprofits.

2018 filings • NTEE P20 • <$500k nonprofits • Source year 2018

Liabilities / Revenue

68th percentile

0.02x

Higher debt load relative to revenue than 68% of similar nonprofits.

2018 filings • NTEE P20 • <$500k nonprofits • Source year 2018

Net Margin

82nd percentile

33%

Higher net margin than 82% of similar nonprofits.

2018 filings • NTEE P20 • <$500k nonprofits • Source year 2018

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • NTEE P20 • <$500k nonprofits • Source year 2018

Asset Growth

77th percentile

45%

Faster asset growth than 77% of similar nonprofits.

2018 filings • NTEE P20 • <$500k nonprofits • Annualized from 2017 to 2018

Revenue Growth

92nd percentile

125%

Faster revenue growth than 92% of similar nonprofits.

2018 filings • NTEE P20 • <$500k nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$368,586

Up $115,052 (+45%) from 2017

Net Assets

Up

$363,076

Up $118,721 (+49%) from 2017

Liabilities

Down

$5,510

Down $3,669 (-40%) from 2017

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin82nd percentile

Revenue

Up

$360,670

Up $200,350 (+125%) from 2017

Expenses

Down

$241,949

Down $34,004 (-12%) from 2017

Net Income

Up

$118,721

Up $234,354 (+203%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth77th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2018

Assets$368,586
Liabilities$5,510
Net Assets$363,076
Open 2018 Filing

Operations Trend

Revenue Growth92nd percentile

Revenue, expenses, and net income across loaded years, with this 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

2018

Revenue$360,670
Expenses$241,949
Net Income$118,721
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Mar 1, 2019
Return Version
2017v2.2
Gross Receipts
$360,670
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$219,570$341,119▲ $121,549
Pledges and Grants Receivable$27,297$24,133▼ $3,164
Intangible Assets$6,667$3,334▼ $3,333
Total Assets$253,534$368,586▲ $115,052
Liabilities
Accounts Payable and Accrued Expenses$9,179$5,510▼ $3,669
Total Liabilities$9,179$5,510▼ $3,669
Net Assets / Fund Balance
Unrestricted Net Assets$222,705$243,529▲ $20,824
Temporarily Rstr Net Assets$21,650$119,547▲ $97,897
Total Net Assets Fund Balance$244,355$363,076▲ $118,721
Total Liabilities and Net Assets / Fund Balance$253,534$368,586▲ $115,052
Compensation and Service Providers
Top Officer Pay81st percentile

Board Members and Trustees

NameTitle
Isabel SofferPresident
Bill BraginSecretary
Shannon ThakeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$289,775
Program Service Revenue
$65,891
Investment Income
$0
Other Revenue
$5,004
All Other Contributions
$256,575
Change in Net Assets
$118,721
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$221,978
Salaries, Compensation, and Employee Benefits$19,971
Total Fundraising Expense$14,025
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$54,665$27,576$8,000$90,241
Other Salaries and Wages$0$12,833$5,500$18,333
Occupancy$15,000$2,475$0$17,475
Fees for Services Accounting$0$10,332$0$10,332
Travel$7,611$0$0$7,611
Conferences and Meetings$6,990$0$0$6,990
Advertising$6,234$0$0$6,234
Other Expenses$2,523$3,049$15$5,587
Depreciation Depletion$0$3,333$0$3,333
Office Expenses$39$2,916$19$2,974
Payroll Taxes$0$1,147$491$1,638
Insurance$465$621$0$1,086
Total Functional Expenses$163,567$64,357$14,025$241,949
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
Yes
Annual disclosure for covered persons
Yes
Audit committee
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
2019-03-01
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
1
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 III, Line 4D

“Touring Fund - In recognition that world music tours are 0. 0. 22500.”

Form 990, Part III, Line 4D

“Other programs that catalyze creative and 39080. 0. 2380.”

Financial Statement Notes

Pt X, Line 2

“The Organization has evaluated its current tax positions and has concluded that as of June 30, 2018, the Organization does not have any significant uncertain tax positions for which a reserve would be necessary.”

Raw XML Appendix377 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.

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IRS990/ActivityOrMissionDesc0TO ADVANCE AND PROMOTE INTERNATIONAL PERFORMING ARTS TRADITIONS THROUGHOUT THE NORTH AMERICAN PRESENTING FIELD THROUGH ACTIVITIES INCLUDING FESTIVALS, SHOWCASES AND CONCERTS, ETC.
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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.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0Touring Fund - In recognition that world music tours are often inhibited by high start-up costs in the US, the gFTF awards often inhibited by high start-up costs in the US, the gFTF awards often inhibited by high start-up costs in the US, the gFTF awards often inhibited by high start-up costs in the US, the gFTF awards often inhibited by high start-up costs in the US, the gFTF awards often inhibited by high start-up costs in the US, the gFTF awards
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization has evaluated its current tax positions and has concluded that as of June 30, 2018, the Organization does not have any significant uncertain tax positions for which a reserve would be necessary.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt X, Line 2
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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/ExplanationTxt3Touring Fund - In recognition that world music tours are 0. 0. 22500.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Other programs that catalyze creative and 39080. 0. 2380.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part III, Line 4d
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part III, Line 4d
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IRS990/TravelGrp/ManagementAndGeneralAmt00
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IRS990/USAddress/AddressLine1Txt0SAME AS C ABOVE
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ReturnHeader/Filer/BusinessNameControlTxt0GLOB
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ReturnHeader/Filer/PhoneNum02125398540
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ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId06C9B1A35775087DBDB8A6D25ECA509C7F6C27838
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ReturnHeader/FilingSecurityInformation/IPDt02019-03-01
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0PS
ReturnHeader/FilingSecurityInformation/IPTm008:54:30
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/PreparationDt02019-03-01
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JONATHAN A BANDER
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02019-03-01T08:54:45-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-07-01
ReturnHeader/TaxPeriodEndDt02018-06-30
ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$368,586
Liabilities
$5,510
Net assets
$363,076
Revenue
$360,670
Expenses
$241,949
Net income
$118,721
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
2018Detailed filing. Detailed filing data is available for this year.$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