Cedar Rapids Freedom Festival

Nonprofit profile at a glance

EIN
421329035
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Cedar Rapids, IA, USA
Phone
3193658313
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Commemorative Events

Official website

Reported finances

Revenue
$542,113
Expenses
$649,540
Assets
$150,456
Liabilities
$77

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • JESSICA MACKEY (PRESIDENT)
  • RON SLAGLE (VICE PRESIDENT)
  • JEFF BRUNSCHEEN (PAST PRESIDENT)
  • BRITTANY BARNHART (EXECUTIVE DIRECTOR)

Highest reported compensation

  • BRITTANY BARNHART (EXECUTIVE DIRECTOR): $34,078 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The cedar rapids freedom festival seeks to provide safe, affordable, and fun annual events that embody the spirit of patriotism and a sense of community and family.

What it reported doing in 2024

The cedar rapids freedom festival is a two week festival that culminates on the 4th of july with traditions and programming. This includes the pancake breakfast, classic car show, and celebration of freedom fireworks display. This is the largest 4th of july fireworks display in the state of Iowa. Programming includes a concert, kids programming, vendors, and a 25- minute fireworks display. These activities are enjoyed by more than 50,000 people each 4th of july.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 23
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 79.3%; rating input score 79
  • Fundraising efficiency: $5.41 raised per $1 spent on fundraising; rating input score 20; 20th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -19.8%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 0.23; rating input score 11; 11th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 81; 81st percentile among comparable filings
  • Officer compensation ratio: 5.2%; rating input score 52; 52nd percentile among comparable filings

Growth

  • Program expense growth: 3.1% per year; rating input score 100; 32nd percentile among comparable filings
  • Revenue growth: -1.4% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: -0.5% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 79.3% of spending went to programs
  • Governance: 21 of 21 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $515K in reported program spending
  • Leadership: top reported pay $34K · 22 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 20/100.
  • High — Sustainability: Operating margin scored 9/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 11/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 52/100.