Great River Carnival Association

Nonprofit profile at a glance

EIN
620291355
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-EZ 2020
Location
Memphis, TN, USA
Phone
9014582500
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$552,231
Expenses
$566,893
Assets
$268,874
Liabilities
$48,448

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

Leadership & pay

30 people listed

Executive titles in this filing

  • JENNIE ROBBINS (PRESIDENT)
  • NEELY MALLORY IV (VICE PRESIDENT)
  • CHASE CARLISLE (SECOND VICE PRESIDENT)
  • ED GALFSKY (EXECUTIVE DIRECTOR)

Highest reported compensation

  • ED GALFSKY (EXECUTIVE DIRECTOR): $160,938 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 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.

What it reported doing in 2024

Expenses relate primarily to pageants, balls, and banquets held during the annual celebration of carnival.

Operating model

Revenue model
Membership-supported. 82% of the money available for current operations came from membership dues.
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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 66
  • Accountability: 95
  • Sustainability: 25
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.8%; rating input score 84
  • Program expense ratio: 81.6%; rating input score 82
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -2.7%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 0.47; rating input score 22; 22nd percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: 28.4%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 2.7% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: 0.9% per year; rating input score 100; 18th percentile among comparable filings
  • Asset growth: -0.6% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 83.8% of revenue deployed · 81.6% of spending went to programs
  • Governance: 29 of 29 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $463K in reported program spending
  • Leadership: top reported pay $161K · 30 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Sustainability: Operating margin scored 29/100.
  • High — Sustainability: Total-asset coverage ratio scored 22/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.