Civic Intelligence

Globalfest Inc.

990 • Fiscal year 2022 • EIN 27-3612523

Jul 01, 2021 to Jun 30, 2022 • Filed on Mar 02, 2023

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.

2022 filings • NTEE P20 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

71st percentile

0.02x

Higher debt load relative to revenue than 71% of similar nonprofits.

2022 filings • NTEE P20 • <$500k nonprofits • Source year 2022

Net Margin

9th percentile

-55%

Higher net margin than 9% of similar nonprofits.

2022 filings • NTEE P20 • <$500k nonprofits • Source year 2022

Top Officer Pay

83rd percentile

$0

Higher top officer pay than 83% of similar nonprofits.

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

2022 filings • NTEE P20 • <$500k nonprofits • Source year 2022

Asset Growth

26th percentile

-20%

Faster asset growth than 26% of similar nonprofits.

2022 filings • NTEE P20 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

31st percentile

-19%

Faster revenue growth than 31% of similar nonprofits.

2022 filings • NTEE P20 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets65th percentile

Assets

Down

$182,506

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

Net Assets

Down

$180,994

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

Liabilities

Down

$1,512

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

Revenue And Expenses
Liabilities / Revenue71st percentileNet Margin9th 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

Historical Trend

Balance Sheet Trend

Asset Growth26th 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

2022

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

Operations Trend

Revenue Growth31st 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

2022

Revenue$81,109
Expenses$125,435
Net Income-$44,326
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 2, 2023
Return Version
2021v4.1
Gross Receipts
$81,109
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$228,332$175,719▼ $52,613
Intangible Assets-$6,103-
Pledges and Grants Receivable-$684-
Total Assets$228,332$182,506▼ $45,826
Liabilities
Accounts Payable and Accrued Expenses$3,012$1,512▼ $1,500
Total Liabilities$3,012$1,512▼ $1,500
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$208,823$180,994▼ $27,829
Net Assets With Donor Restrictions$16,497--
Total Net Assets Fund Balance$225,320$180,994▼ $44,326
Total Liabilities and Net Assets / Fund Balance$228,332$182,506▼ $45,826
Compensation and Service Providers
Top Officer Pay83rd percentile

Board Members and Trustees

NameTitle
Isabel SofferPresident
Bill BraginSecretary
Shannon ThakeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$76,267
Program Service Revenue
$1,842
Investment Income
$0
Other Revenue
$3,000
All Other Contributions
$30,717
Change in Net Assets
$-44,326
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$125,435
Total Fundraising Expense$15,967
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$29,731$53,608$15,967$99,306
Conferences and Meetings$1,750$6,150$0$7,900
Advertising$1,540$3,320$0$4,860
Fees for Services Accounting$0$3,110$0$3,110
Office Expenses$0$2,007$0$2,007
Depreciation Depletion$0$1,397$0$1,397
Other Expenses$0$75$0$75
Travel$0$53$0$53
Total Functional Expenses$39,380$70,088$15,967$125,435
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
2023-03-02
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
8

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 25995. 13765. 12230.”

Form 990, Part IX, Line 11G

“Outside services 25411. 0. 25411. 0.”

Form 990, Part IX, Line 11G

“Producer/general manager 47900. 15966. 15967. 15967.”

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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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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.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part IX, Line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 11g
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0228332
IRS990/TotalAssetsEOYAmt0182506
IRS990/TotalAssetsGrp/BOYAmt0228332
IRS990/TotalAssetsGrp/EOYAmt0182506
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt076267
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt015967
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt070088
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt039380
IRS990/TotalFunctionalExpensesGrp/TotalAmt0125435
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt03012
IRS990/TotalLiabilitiesEOYAmt01512
IRS990/TotalLiabilitiesGrp/BOYAmt03012
IRS990/TotalLiabilitiesGrp/EOYAmt01512
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0225320
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0180994
IRS990/TotalProgramServiceExpensesAmt039380
IRS990/TotalProgramServiceRevenueAmt01842
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04842
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt081109
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0228332
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0182506
IRS990/TravelGrp/FundraisingAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt053
IRS990/TravelGrp/ProgramServicesAmt00
IRS990/TravelGrp/TotalAmt053
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0SAME AS C ABOVE
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010003
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0WWW.GLOBALFEST.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0SHANNON THAKE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum02125398540
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-03-02
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/PreparerFirmEIN0202747426
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/PreparationDt02023-03-02
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JONATHAN A BANDER
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02023-03-02T04:07:03-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0SHANNON
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0THAKE
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

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
2022Detailed filing. Detailed filing data is available for this year.$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