Civic Intelligence

Globalfest Inc.

990 • Fiscal year 2020 • EIN 27-3612523

Jul 01, 2019 to Jun 30, 2020 • Filed on Apr 08, 2021

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

61st percentile

0.01x

Higher debt load relative to assets than 61% of similar nonprofits.

2020 filings • NTEE P20 • <$500k nonprofits • Source year 2020

Liabilities / Revenue

63rd percentile

0.01x

Higher debt load relative to revenue than 63% of similar nonprofits.

2020 filings • NTEE P20 • <$500k nonprofits • Source year 2020

Net Margin

65th percentile

21%

Higher net margin than 65% of similar nonprofits.

2020 filings • NTEE P20 • <$500k nonprofits • Source year 2020

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.

2020 filings • NTEE P20 • <$500k nonprofits • Source year 2020

Asset Growth

54th percentile

14%

Faster asset growth than 54% of similar nonprofits.

2020 filings • NTEE P20 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

88th percentile

110%

Faster revenue growth than 88% of similar nonprofits.

2020 filings • NTEE P20 • <$500k nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets61st percentile

Assets

Down

$321,911

Down $46,675 (-13%) from 2018

Net Assets

Down

$318,899

Down $44,177 (-12%) from 2018

Liabilities

Down

$3,012

Down $2,498 (-45%) from 2018

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin65th percentile

Revenue

Down

$240,036

Down $120,634 (-33%) from 2018

Expenses

Down

$189,853

Down $52,096 (-22%) from 2018

Net Income

Down

$50,183

Down $68,538 (-58%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth54th 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

2020

Assets$321,911
Liabilities$3,012
Net Assets$318,899
Open 2020 Filing

Operations Trend

Revenue Growth88th 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

2020

Revenue$240,036
Expenses$189,853
Net Income$50,183
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Apr 8, 2021
Return Version
2019v5.1
Gross Receipts
$240,036
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$256,526$318,918▲ $62,392
Pledges and Grants Receivable$25,400$2,993▼ $22,407
Total Assets$281,926$321,911▲ $39,985
Liabilities
Accounts Payable and Accrued Expenses$13,210$3,012▼ $10,198
Total Liabilities$13,210$3,012▼ $10,198
Net Assets / Fund Balance
Net Assets With Donor Restrictions$44,547$161,597▲ $117,050
Net Assets Without Donor Restrictions$224,169$157,302▼ $66,867
Total Net Assets Fund Balance$268,716$318,899▲ $50,183
Total Liabilities and Net Assets / Fund Balance$281,926$321,911▲ $39,985
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
$205,046
Program Service Revenue
$34,400
Investment Income
$0
Other Revenue
$590
All Other Contributions
$192,700
Change in Net Assets
$50,183
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$185,353
Total Fundraising Expense$7,406
Salaries, Compensation, and Employee Benefits$4,500
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$44,434$24,399$3,200$72,033
Other Expenses$63,558$300$0$63,858
Occupancy$21,800$0$0$21,800
Advertising$6,305$1,993$0$8,298
Office Expenses$0$3,309$4,206$7,515
Other Salaries and Wages$0$4,500$0$4,500
Conferences and Meetings$2,899$75$0$2,974
Travel$1,790$714$0$2,504
Fees for Services Accounting$0$1,548$0$1,548
Insurance$373$0$0$373
Fees for Services Legal$0$325$0$325
Total Functional Expenses$144,045$38,402$7,406$189,853
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
2021-04-08
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 41705. 34200. 7505. 0.”

Form 990, Part IX, Line 11G

“Outside services 30328. 10234. 16894. 3200.”

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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 41705. 34200. 7505. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4OUTSIDE SERVICES 30328. 10234. 16894. 3200.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 19
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0SHANNON THAKE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
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ReturnHeader/BusinessOfficerGrp/SignatureDt02021-04-08
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ReturnHeader/Filer/PhoneNum02125398540
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RICH AND BANDER LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt079 Madison Avenue 2nd Floor
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0New York
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
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ReturnHeader/PreparerPersonGrp/PreparationDt02021-04-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JONATHAN A BANDER
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02021-04-08T14:20:01-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$321,911
Liabilities
$3,012
Net assets
$318,899
Revenue
$240,036
Expenses
$189,853
Net income
$50,183
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
2020Detailed filing. Detailed filing data is available for this year.$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