Festival of Lights Inc

Nonprofit profile at a glance

EIN
841125913
IRS 990-EZ coverage
2022–2024
Forms available
Form 990-EZ 2024, Form 990-N 2014
Location
Colorado Springs, CO, USA
Phone
7193148157
Rating
93
Verdict
STRONG
Rating confidence
Moderate
Sector
Fairs

Reported finances

Revenue
$93,349
Expenses
$93,613
Assets
$75,488
Liabilities
$0

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

Leadership & pay

6 people listed

Executive titles in this filing

  • Kevin Leonardo (Executive Director)

People named in this filing

  • Joel Currey (Chair)
  • Kevin Leonardo (Executive Director)
  • Karole Campbell (Fundraiser)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Support arts and culture through holding an annual parade.

What it reported doing in 2024

Festival of Lights Parade held in traditional fashion on Tejon St. in Colorado Springs on December 9, 2023. Awards were presented to local high school bands. Approximately 49,000 individuals in attendance. Approximately 135 parade entries were included with approximately 3,500 individuals marching in the parade.

Operating model

Revenue model
Donor-supported. 70% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 95% 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. Program spending has declined or grown slowly and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 96
  • Transparency & Controls: 100
  • Sustainability: 41
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.6%; rating input score 96
  • Program expense ratio: 95.4%; rating input score 95

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100

Sustainability

  • Operating margin: -0.3%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 0.81; rating input score 41; 41st percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 68; 68th percentile among comparable filings
  • Officer compensation ratio: 33%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: -0.9% per year; rating input score 0; 45th percentile among comparable filings
  • Revenue growth: 4.9% per year; rating input score 100; 71st percentile among comparable filings
  • Asset growth: 9.9% per year; rating input score 100; 72nd percentile among comparable filings

Details

  • Where the money goes: 95.6% of revenue deployed · 95.4% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $89K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 9 of 9 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 41/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.