Civic Intelligence

Great River Carnival Association

990 • Fiscal year 2023 • EIN 62-0291355

Aug 01, 2022 to Jul 31, 2023 • Filed on May 09, 2024

Organization ProfileWWW.CARNIVALMEMPHIS.ORG
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

91st percentile

0.48x

Higher debt load relative to assets than 91% of similar nonprofits.

2023 filings • 501(c)4 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

90th percentile

0.46x

Higher debt load relative to revenue than 90% of similar nonprofits.

2023 filings • 501(c)4 • <$500k nonprofits • Source year 2023

Net Margin

23rd percentile

-14%

Higher net margin than 23% of similar nonprofits.

2023 filings • 501(c)4 • <$500k nonprofits • Source year 2023

Top Officer Pay

99th percentile

$135,000

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 30.6% of source-year revenue.

2023 filings • 501(c)4 • <$500k nonprofits • Source year 2023

Asset Growth

22nd percentile

-16%

Faster asset growth than 22% of similar nonprofits.

2023 filings • 501(c)4 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

10th percentile

-47%

Faster revenue growth than 10% of similar nonprofits.

2023 filings • 501(c)4 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$425,390

Down $80,720 (-16%) from 2022

Net Assets

Down

$222,629

Down $63,561 (-22%) from 2022

Liabilities

Down

$202,761

Down $17,159 (-7.8%) from 2022

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin23rd percentile

Revenue

Down

$440,831

Down $385,124 (-47%) from 2022

Expenses

Down

$504,392

Down $74,361 (-13%) from 2022

Net Income

Down

-$63,561

Down $310,763 (-126%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$600K$400K$200K$0Assets 2011: $345,162Liabilities 2011: $22,281Net Assets 2011: $322,8812011Assets 2012: $388,854Liabilities 2012: $51,567Net Assets 2012: $337,2872012Assets 2013: $365,536Liabilities 2013: $23,470Net Assets 2013: $342,0662013Assets 2014: $370,955Liabilities 2014: $21,039Net Assets 2014: $349,9162014Assets 2015: $357,613Liabilities 2015: $6,310Net Assets 2015: $351,3032015Assets 2016: $343,879Liabilities 2016: $12,469Net Assets 2016: $331,4102016Assets 2017: $343,054Liabilities 2017: $24,791Net Assets 2017: $318,2632017Assets 2018: $367,822Liabilities 2018: $35,351Net Assets 2018: $332,4712018Assets 2019: $418,791Liabilities 2019: $49,207Net Assets 2019: $369,5842019Assets 2020: $365,977Liabilities 2020: $161,099Net Assets 2020: $204,8782020Assets 2021: $229,765Liabilities 2021: $190,777Net Assets 2021: $38,9882021Assets 2022: $506,110Liabilities 2022: $219,920Net Assets 2022: $286,1902022Assets 2023: $425,390Liabilities 2023: $202,761Net Assets 2023: $222,6292023Assets 2024: $324,793Liabilities 2024: $89,705Net Assets 2024: $235,0882024Assets 2025: $268,874Liabilities 2025: $48,448Net Assets 2025: $220,4262025

Highlighted filing

2023

Assets$425,390
Liabilities$202,761
Net Assets$222,629
Open 2023 Filing

Operations Trend

Revenue Growth10th percentile

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

$1.0M$500K$0-$500KRevenue 2011: $395,029Expenses 2011: $389,563Net Income 2011: $5,4662011Expenses 2012: $436,9762012Expenses 2013: $424,5172013Revenue 2014: $494,828Expenses 2014: $486,978Net Income 2014: $7,8502014Revenue 2015: $429,881Expenses 2015: $428,494Net Income 2015: $1,3872015Revenue 2016: $473,070Expenses 2016: $492,963Net Income 2016: -$19,8932016Revenue 2017: $389,950Expenses 2017: $403,097Net Income 2017: -$13,1472017Revenue 2018: $442,845Expenses 2018: $428,637Net Income 2018: $14,2082018Revenue 2019: $495,637Expenses 2019: $458,524Net Income 2019: $37,1132019Revenue 2020: $79,789Expenses 2020: $246,702Net Income 2020: -$166,9132020Revenue 2021: $29,131Expenses 2021: $195,021Net Income 2021: -$165,8902021Revenue 2022: $825,955Expenses 2022: $578,753Net Income 2022: $247,2022022Revenue 2023: $440,831Expenses 2023: $504,392Net Income 2023: -$63,5612023Revenue 2024: $538,165Expenses 2024: $525,706Net Income 2024: $12,4592024Revenue 2025: $552,231Expenses 2025: $566,893Net Income 2025: -$14,6622025

Highlighted filing

2023

Revenue$440,831
Expenses$504,392
Net Income-$63,561
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2022 to Jul 31, 2023
Signed
May 9, 2024
Return Version
2022v5.0
Gross Receipts
$440,831
Mission and Program Overview

Mission

To engage continuously in such activities and programs which promote the development of memphis and the mid-south, to support the region's commercial and industrial base, and to hold annually a carnival celebration in honor of the region and its principal asset - the mississippi river.

To engage continuously in such activities and programs which promote the development of memphis and the mid-south, to support the region's commercial and industrial base, and to hold annually a carnival celebration in honor of the region and its principal asset-the mississippi river.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$400,998$268,727▼ $132,271
Cash and Non-Interest-Bearing Accounts$-7,270$39,233▲ $46,503
Savings and Temporary Cash Investments$88,149$28,371▼ $59,778
Prepaid Expenses and Deferred Charges$14,923$12,060▼ $2,863
Land, Buildings, and Equipment, Net$8,310$6,731▼ $1,579
Investments Other Securities$1,000$1,000→ $0
Total Assets$506,110$425,390▼ $80,720
Other Assets Total$0$69,268▲ $69,268
Liabilities
Accounts Payable and Accrued Expenses$203,520$115,136▼ $88,384
Other Liabilities$0$70,525▲ $70,525
Deferred Revenue$16,400$17,100▲ $700
Total Liabilities$219,920$202,761▼ $17,159
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$286,190$222,629▼ $63,561
Total Net Assets Fund Balance$286,190$222,629▼ $63,561
Total Liabilities and Net Assets / Fund Balance$506,110$425,390▼ $80,720

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$6,731$27,296$34,027
Other Assets Org$-21,017--
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Ed GalfskyExecutive DirectorFT$135,000$135,000

Board Members and Trustees

NameTitle
Katherine DobbsChairman
Richy RobertsPresident
Chip CampbellFirst Vice President
Jennie RobbinsSecond Vice President
Abbay CurtisDirector
Bob BerryDirector
Carol FieldsDirector
Christian OwenDirector
Chuck StewartDirector
Dawn GraeterDirector
Drayton MayersDirector
Floy ColeDirector
Hugh MalloryDirector
John GoggansDirector
Julia OwenDirector
Kirk JohnstonDirector
Laura DearmanDirector
Lauren StimacDirector
Leslie DarrDirector
Marlon FosterDirector
Neely Mallory IvDirector
Oscar AdamsDirector
Pat DemereDirector
Patty WelchDirector
Richard FisherDirector
Todd BrownDirector
Tripp ThompsonDirector
Worth JonesDirector
Chris TutorGeneral Counsel
Curt GriffinTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$399,554
Program Service Revenue
$40,810
Investment Income
$467
Other Revenue
$0
All Other Contributions
$48,250
Change in Net Assets
$-63,561

Audited Revenue Reconciliation

Revenue per Audited Statements
$440,831
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$440,831
Total Revenue per Form 990
$440,831
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$368,451
Salaries, Compensation, and Employee Benefits$135,941
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$105,619$11,736-$117,355
All Other Expenses$56,123$23,598-$79,721
Other Expenses$22,335$5,198-$27,533
Occupancy-$14,829-$14,829
Other Employee Benefits$8,478$942-$9,420
Payroll Taxes$8,249$917-$9,166
Insurance$2,213$4,388-$6,601
Fees for Services Accounting-$6,500-$6,500
Conferences and Meetings-$5,162-$5,162
Advertising$1,963--$1,963
Depreciation Depletion-$1,579-$1,579
Office Expenses-$1,556-$1,556
Interest-$23-$23
Total Functional Expenses$390,882$113,510$0$504,392

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$504,392
Total Expenses per Audited Statements$504,392
Total Expenses per Form 990$504,392
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
In-house lobbying only
Yes
Subject to proxy tax
Yes
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Obligation$70,525
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, memphis, tn 38117. Appointments can be arranged by calling 901-458-2500.”

Filing and Contact Details

Filer

Filer Name
Great River Carnival Association
EIN
62-0291355
Phone
9014582500
Address
4735 SPOTTSWOOD AVE STE 103, MEMPHIS, TN 38117

Signing Officer

Name
Ed Galfsky
Title
Executive Director
Phone
9014588866
Signed
2024-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ed Galfsky
Formed
1931
Legal Domicile
Tn
Voting Board Members
30
Independent Board Members
30
Employees
3
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

Form 990, Part IX, Line 24E

“Miscellaneous expenses: program service expenses 11,457. Management and general expenses 6,649. Fundraising expenses 0. Total expenses 18,106. Court expense: program service expenses 13,567. Management and general expenses 0. Fundraising expenses 0. Total expenses 13,567. Merchandise: program service expenses 11,446. Management and general expenses 0. Fundraising expenses 0. Total expenses 11,446. Magazine: program service expenses 10,669. Management and general expenses 0. Fundraising expenses 0. Total expenses 10,669. Bank fees: program service expenses 0. Management and general expenses 9,836. Fundraising expenses 0. Total expenses 9,836. Misc royalty expense: program service expenses 7,415. Management and general expenses 0. Fundraising expenses 0. Total expenses 7,415. Telephone and internet: program service expenses 0. Management and general expenses 3,180. Fundraising expenses 0. Total expenses 3,180. Computer expense: program service expenses 0. Management and general expenses 2,602. Fundraising expenses 0. Total expenses 2,602. Entertainment: program service expenses 1,569. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,569. Postage and delivery: program service expenses 0. Management and general expenses 1,331. Fundraising expenses 0. Total expenses 1,331.”

Form 990, Part XII, Line 2C

“There is no change from previous year regarding the audit process.”

Financial Statement Notes

PART X, LINE 2:

“Based on the evaluation of the association'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, 2023 and 2022.”

Raw XML AppendixShowing 400 of 566 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/Form990PartVIISectionAGrp/PersonNm23MARLON FOSTER
IRS990/Form990PartVIISectionAGrp/PersonNm24DAWN GRAETER
IRS990/Form990PartVIISectionAGrp/PersonNm25KIRK JOHNSTON
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IRS990/Form990PartVIISectionAGrp/PersonNm27NEELY MALLORY IV
IRS990/Form990PartVIISectionAGrp/PersonNm28DRAYTON MAYERS
IRS990/Form990PartVIISectionAGrp/PersonNm29JULIA OWEN
IRS990/Form990PartVIISectionAGrp/PersonNm30PATTY WELCH
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt300
IRS990/Form990PartVIISectionAGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt5GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8SECOND VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13FIRST VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR
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IRS990/FormationYr01931
IRS990/FormerOfcrEmployeesListedInd00
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IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt030
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt0440831
IRS990/GroupReturnForAffiliatesInd00
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IRS990/IndependentAuditFinclStmtInd01
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IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
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IRS990/InsuranceGrp/ProgramServicesAmt02213
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IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO ENGAGE CONTINUOUSLY IN SUCH ACTIVITIES AND PROGRAMS WHICH PROMOTE THE DEVELOPMENT OF MEMPHIS AND THE MID-SOUTH, TO SUPPORT THE REGION'S COMMERCIAL AND INDUSTRIAL BASE, AND TO HOLD ANNUALLY A CARNIVAL CELEBRATION IN HONOR OF THE REGION AND ITS PRINCIPAL ASSET - THE MISSISSIPPI RIVER.
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IRS990/OtherExpensesGrp/Desc3TRANSPORTATION EXPENSES
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt15198
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IRS990/OtherExpensesGrp/TotalAmt327533
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IRS990/PoliticalCampaignActyInd00
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IRS990/ProfessionalFundraisingInd00

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$425,390
Liabilities
$202,761
Net assets
$222,629
Revenue
$440,831
Expenses
$504,392
Net income
-$63,561
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.69$0.48$2.20$5.52$5.67$0.15
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.25$0.90$2.35$5.38$5.26$0.12
2023Detailed filing. Detailed filing data is available for this year.$4.25$2.03$2.23$4.41$5.04$0.64
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.06$2.20$2.86$8.26$5.79$2.47
2021Detailed filing. Detailed filing data is available for this year.$2.30$1.91$0.39$0.29$1.95$1.66
2020Detailed filing. Detailed filing data is available for this year.$3.66$1.61$2.05$0.80$2.47$1.67
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.19$0.49$3.70$4.96$4.59$0.37
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.68$0.35$3.32$4.43$4.29$0.14
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.43$0.25$3.18$3.90$4.03$0.13
2016Detailed filing. Detailed filing data is available for this year.$3.44$0.12$3.31$4.73$4.93$0.20
2015Detailed filing. Detailed filing data is available for this year.$3.58$0.06$3.51$4.30$4.28$0.01
2014Detailed filing. Detailed filing data is available for this year.$3.71$0.21$3.50$4.95$4.87$0.08
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.66$0.23$3.42$4.25
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.89$0.52$3.37$4.37
2011Summary only. Only limited summary data is available for this year.$3.45$0.22$3.23$3.95$3.90$0.05