Civic Intelligence

Carnival Educational Fund Inc.

990 • Fiscal year 2022 • EIN 58-1763512

Aug 01, 2021 to Jul 31, 2022 • Filed on Jun 09, 2023

Organization ProfileN/A
4735 Spottswood Ave Ste 103Memphis, TN 38117

(901) 458-2500

Siviq Scores

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

Liabilities / Assets

76th percentile

0.32x

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

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

53rd percentile

0.10x

Higher debt load relative to revenue than 53% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

32nd percentile

-1.2%

Higher net margin than 32% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

10th percentile

-17%

Faster asset growth than 10% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

99th percentile

892%

Faster revenue growth than 99% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$314,939

Down $66,285 (-17%) from 2021

Net Assets

Down

$215,652

Down $12,403 (-5.4%) from 2021

Liabilities

Down

$99,287

Down $53,882 (-35%) from 2021

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin32nd percentile

Revenue

Up

$1,001,340

Up $900,419 (+892%) from 2021

Expenses

Up

$1,013,776

Up $960,794 (+1813%) from 2021

Net Income

Down

-$12,436

Down $60,375 (-126%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth10th percentile

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

$600K$400K$200K$0-$200KAssets 2011: $51,743Liabilities 2011: $14,214Net Assets 2011: $37,5292011Assets 2012: $71,002Liabilities 2012: $68,000Net Assets 2012: $3,0022012Assets 2013: $81,407Liabilities 2013: $75,412Net Assets 2013: $5,9952013Assets 2014: $66,828Liabilities 2014: $68,896Net Assets 2014: -$2,0682014Assets 2015: $55,496Liabilities 2015: $61,372Net Assets 2015: -$5,8762015Assets 2016: $24,067Liabilities 2016: $31,074Net Assets 2016: -$7,0072016Assets 2017: $124,538Liabilities 2017: $100,167Net Assets 2017: $24,3712017Assets 2018: $150,814Liabilities 2018: $57,743Net Assets 2018: $93,0712018Assets 2019: $234,707Liabilities 2019: $81,759Net Assets 2019: $152,9482019Assets 2020: $337,614Liabilities 2020: $157,498Net Assets 2020: $180,1162020Assets 2021: $381,224Liabilities 2021: $153,169Net Assets 2021: $228,0552021Assets 2022: $314,939Liabilities 2022: $99,287Net Assets 2022: $215,6522022Assets 2023: $338,923Liabilities 2023: $108,816Net Assets 2023: $230,1072023Assets 2024: $414,957Liabilities 2024: $167,869Net Assets 2024: $247,0882024Assets 2025: $384,240Liabilities 2025: $112,687Net Assets 2025: $271,5532025

Highlighted filing

2022

Assets$314,939
Liabilities$99,287
Net Assets$215,652
Open 2022 Filing

Operations Trend

Revenue Growth99th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2011: $180,794Expenses 2011: $186,732Net Income 2011: -$5,9382011Revenue 2012: $152,200Expenses 2012: $186,727Net Income 2012: -$34,5272012Expenses 2013: $208,8732013Revenue 2014: $223,014Expenses 2014: $231,077Net Income 2014: -$8,0632014Revenue 2015: $223,632Expenses 2015: $227,440Net Income 2015: -$3,8082015Revenue 2016: $226,130Expenses 2016: $227,261Net Income 2016: -$1,1312016Revenue 2017: $421,563Expenses 2017: $390,185Net Income 2017: $31,3782017Revenue 2018: $503,823Expenses 2018: $435,131Net Income 2018: $68,6922018Revenue 2019: $522,788Expenses 2019: $462,981Net Income 2019: $59,8072019Revenue 2020: $135,151Expenses 2020: $107,972Net Income 2020: $27,1792020Revenue 2021: $100,921Expenses 2021: $52,982Net Income 2021: $47,9392021Revenue 2022: $1,001,340Expenses 2022: $1,013,776Net Income 2022: -$12,4362022Revenue 2023: $580,952Expenses 2023: $566,570Net Income 2023: $14,3822023Revenue 2024: $625,857Expenses 2024: $608,902Net Income 2024: $16,9552024Revenue 2025: $659,236Expenses 2025: $634,771Net Income 2025: $24,4652025

Highlighted filing

2022

Revenue$1,001,340
Expenses$1,013,776
Net Income-$12,436
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2021 to Jul 31, 2022
Signed
Jun 9, 2023
Return Version
2021v4.2
Gross Receipts
$1,001,340
Mission and Program Overview

Mission

Assisting those who improve the quality of life for children of all ethnic and social backgrounds in memphis and the mid-south, and to spread the spirit of carnival throughout the community. Each year, different agencies are selected to receive monies raised by carnival and the grand krewes of carnival memphis at various fundraisers throughout the year.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$331,054$185,508▼ $145,546
Accounts Receivable$40,501$126,060▲ $85,559
Prepaid Expenses and Deferred Charges$5,416--
Land, Buildings, and Equipment, Net$3,946$3,017▼ $929
Savings and Temporary Cash Investments$307$354▲ $47
Total Assets$381,224$314,939▼ $66,285
Liabilities
Deferred Revenue$109,650--
Accounts Payable and Accrued Expenses$43,519$99,287▲ $55,768
Total Liabilities$153,169$99,287▼ $53,882
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$228,055$215,652▼ $12,403
Total Net Assets Fund Balance$228,055$215,652▼ $12,403
Total Liabilities and Net Assets / Fund Balance$381,224$314,939▼ $66,285

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$3,017$3,483$6,500
Equipment$0$4,513$4,513
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Thomas HusseyChairman
Hugh MalloryPresident
Katherine DobbsFirst Vice President
Richy RobertsSecond Vice President
Ed GalfskyExecutive Director
Chris TutorGeneral Counsel
Curt GriffinTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$438,890
Program Service Revenue
$562,125
Investment Income
$325
Other Revenue
$0
All Other Contributions
$438,890
Change in Net Assets
$-12,436

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,001,340
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$33
Total Revenue per Audited Statements
$1,001,373
Total Revenue per Form 990
$1,001,340
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$866,332
Salaries, Compensation, and Employee Benefits$147,444
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$113,561$12,618-$126,179
Occupancy-$13,610-$13,610
Other Employee Benefits$11,040$1,227-$12,267
Payroll Taxes$8,098$900-$8,998
All Other Expenses-$5,195-$5,195
Other Expenses$204,208$4,450-$4,450
Fees for Services Accounting-$3,500-$3,500
Depreciation Depletion-$929-$929
Total Functional Expenses$882,347$131,429$0$1,013,776

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,013,776
Total Expenses per Audited Statements$1,013,776
Total Expenses per Form 990$1,013,776
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Audit committee
Yes
Backup withholding compliance
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
Yes
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

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The form 990 is reviewed by the executive director prior to being filed.”

Form 990, Part VI, Section B, Line 15A

“Compensation of the executive director is approved by the board of directors after comparison to similarly situated positions in other clubs and other non-profit organizations.”

Form 990, Part VI, Section C, Line 19

“Public inspection of forms 1023 and 990 is by appointment with the executive director at 4735 spottswood suite 103, memphis, tn 38117. Appointments can be arranged by calling 901-458-2500.”

Filing and Contact Details

Filer

Filer Name
Carnival Educational Fund Inc
EIN
58-1763512
Phone
9014582500
Address
4735 SPOTTSWOOD AVE STE 103, MEMPHIS, TN 38117

Signing Officer

Name
Ed Galfsky
Title
Executive Director
Phone
9014588866
Signed
2023-06-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ed Galfsky
Formed
1999
Legal Domicile
Tn
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0

Preparer

Firm
Frazee Ivy Davis Plc
Address
5100 POPLAR AVE STE 1400, MEMPHIS, TN 38137-1499
Preparer
J Slater Smithers CPA
Phone
9016851040
Supplemental Narrative

Additional Explanations

Page 12, Part XII, Line 2C.

“The process has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“Based on the evaluation of the fund's tax positions, management believes all positions taken would more likely than not be upheld under examination. Therefore, no provision for the effects of uncertain tax positions has been recorded for the years ended july 31, 2022 and 2021.”

Raw XML AppendixShowing 400 of 416 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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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0216253
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0203761
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt029
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt01305
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0564375
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt059950
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt077710
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0306290
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0300033
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt01308358
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0325
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0348
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0245
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt029
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt01305
IRS990ScheduleA/InvestmentIncomeCYPct00.00060
IRS990ScheduleA/InvestmentIncomePYPct00.00060
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99940
IRS990ScheduleA/PublicSupportPY509Pct00.99940
IRS990ScheduleA/PublicSupportTotal509Amt02311392
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt01001015
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0149237
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0134803
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0522543
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0503794
IRS990ScheduleA/Total509Grp/TotalAmt02311392
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt01001373
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0149562
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0135151
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0522788
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0503823
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt02312697
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt04513
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt04513
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01013776
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/NetUnrealizedGainsInvstAmt033
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt03017
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt03483
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt06500
IRS990ScheduleD/RevenueNotReportedAmt033
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01001340
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0BASED ON THE EVALUATION OF THE FUND'S TAX POSITIONS, MANAGEMENT BELIEVES ALL POSITIONS TAKEN WOULD MORE LIKELY THAN NOT BE UPHELD UNDER EXAMINATION. THEREFORE, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED FOR THE YEARS ENDED JULY 31, 2022 AND 2021.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03017
IRS990ScheduleD/TotalExpensesPerForm990Amt01013776
IRS990ScheduleD/TotalRevenuePerForm990Amt01001340
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01001373
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01013776
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR PRIOR TO BEING FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1COMPENSATION OF THE EXECUTIVE DIRECTOR IS APPROVED BY THE BOARD OF DIRECTORS AFTER COMPARISON TO SIMILARLY SITUATED POSITIONS IN OTHER CLUBS AND OTHER NON-PROFIT ORGANIZATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PUBLIC INSPECTION OF FORMS 1023 AND 990 IS BY APPOINTMENT WITH THE EXECUTIVE DIRECTOR AT 4735 SPOTTSWOOD SUITE 103, MEMPHIS, TN 38117. APPOINTMENTS CAN BE ARRANGED BY CALLING 901-458-2500.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3PAGE 12, PART XII, LINE 2C.
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IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
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IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsGrp/EOYAmt0314939
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IRS990/TotalContributionsAmt0438890
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0882347
IRS990/TotalFunctionalExpensesGrp/TotalAmt01013776
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0153169
IRS990/TotalLiabilitiesEOYAmt099287
IRS990/TotalLiabilitiesGrp/BOYAmt0153169
IRS990/TotalLiabilitiesGrp/EOYAmt099287
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ReturnHeader/Filer/USAddress/AddressLine1Txt04735 SPOTTSWOOD AVE STE 103
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ReturnHeader/Filer/USAddress/StateAbbreviationCd0TN
ReturnHeader/Filer/USAddress/ZIPCd038117

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$314,939
Liabilities
$99,287
Net assets
$215,652
Revenue
$1,001,340
Expenses
$1,013,776
Net income
-$12,436
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.38$0.11$0.27$0.66$0.63$0.02
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.41$0.17$0.25$0.63$0.61$0.02
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.34$0.11$0.23$0.58$0.57$0.01
2022Detailed filing. Detailed filing data is available for this year.$0.31$0.10$0.22$1.00$1.01$0.01
2021Detailed filing. Detailed filing data is available for this year.$0.38$0.15$0.23$0.10$0.05$0.05
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.34$0.16$0.18$0.14$0.11$0.03
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.23$0.08$0.15$0.52$0.46$0.06
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.15$0.06$0.09$0.50$0.44$0.07
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.12$0.10$0.02$0.42$0.39$0.03
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.02$0.03$0.01$0.23$0.23$0.00
2015Detailed filing. Detailed filing data is available for this year.$0.06$0.06$0.01$0.22$0.23$0.00
2014Detailed filing. Detailed filing data is available for this year.$0.07$0.07$0.00$0.22$0.23$0.01
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.08$0.08$0.01$0.21
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.07$0.07$0.00$0.15$0.19$0.03
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.05$0.01$0.04$0.18$0.19$0.01