Globalfest Inc

Nonprofit profile at a glance

EIN
273612523
IRS 990 coverage
2012–2024
Forms available
Form 990 2024, Form 990-EZ 2016
Location
Brooklyn, NY, USA
Phone
2125398540
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Human Service Organizations

Official website

Reported finances

Revenue
$514,301
Expenses
$199,965
Assets
$353,518
Liabilities
$9,002

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

Leadership & pay

4 people listed

Executive titles in this filing

  • ISABEL SOFFER (PRESIDENT)

Highest reported compensation

  • ISABEL SOFFER (PRESIDENT): $17,280 total reported compensation
  • IAN THAKE (ADMIN MANAGER): $11,325 total reported compensation

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

Overview

Mission

To advance and promote international performing arts traditions throughout the north american presenting field through activities including festivals, showcases and concerts, etc.

What it reported doing in 2024

Globalfest Flagship Festival - takes place every January and is North Americas most important world music industry event. It sells out in advance consistently each year, attracting over 1,500 music industry professionals, members of the press and music fans. Tours and cultural exchanges that result from Globalfest showcases have helped to build an ever-widening audience for global music and by extension, an increase in international cooperation and collaboration.

Operating model

Revenue model
Donor-supported. 73% of the money available for current operations came from contributions and gifts.
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

SUPPORTED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 52
  • Transparency & Controls: 92
  • Accountability: 43
  • Sustainability: 73
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 29.9%; rating input score 30
  • Program expense ratio: 76.9%; rating input score 77
  • Fundraising efficiency: $76.57 raised per $1 spent on fundraising; rating input score 84; 84th 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: 50%; rating input score 50; 11th percentile among comparable filings
  • Governance controls: 3 of 9 controls in place; rating input score 33
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 61.1%; rating input score 95; 95th percentile among comparable filings
  • Total-asset coverage ratio: 1.77; rating input score 61; 61st percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 60; 60th percentile among comparable filings
  • Officer compensation ratio: 14.3%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: -2.3% per year; rating input score 0; 12th percentile among comparable filings
  • Revenue growth: -1.1% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: -1.8% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 29.9% of revenue deployed · 76.9% of spending went to programs
  • Governance: 2 of 4 board members independent · 3 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $154K in reported program spending
  • Leadership: top reported pay $17K · 4 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 10 filing years from 2012 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 30/100.
  • Review — Accountability: Independent voting board scored 50/100.
  • Moderate — Accountability: Governance controls: 6 of 9 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.