Norfolk Festevents Ltd

Nonprofit profile at a glance

EIN
541118356
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Norfolk, VA, USA
Phone
7574412345
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fairs

Official website

Reported finances

Revenue
$5,975,111
Expenses
$5,310,088
Assets
$6,429,698
Liabilities
$433,756

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

Leadership & pay

52 people listed

Executive titles in this filing

  • EDWARD W WOLCOTT JR (PRESIDENT (BEGAN 2/21/24))
  • PRESTON I CARRAWAY III (VICE PRESIDENT (BEGAN 2/21/24))
  • KAREN SCHERBERGER (FORMER EXECUTIVE DIRECTOR)
  • COMELL TED BAROODY (EXECUTIVE DIRECTOR)

Highest reported compensation

  • KAREN SCHERBERGER (FORMER EXECUTIVE DIRECTOR): $295,666 total reported compensation
  • COMELL TED BAROODY (EXECUTIVE DIRECTOR): $195,498 total reported compensation
  • PAUL MORRISON (VP SALES/OPERATIONS): $150,201 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 mission of norfolk festevents, ltd. Is to be of service to the city in planning and coordination of city sponsored events and promotions, to provide leadership in the industry on a local, regional, and national level, and support charitable, civic, and educational programs.

What it reported doing in 2024

Harbor shows, festivals, and exhibitions - the organization produces and promotes various events for the education, benefit and welfare of the citizens of hampton roads, Virginia. Events include, but are not limited to the following: norfolk harborfest, bayou boogaloo, holidaycelebrations, music festivals and wine festivals.

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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 70
  • Accountability: 91
  • Sustainability: 54
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 67.5%; rating input score 68
  • Program expense ratio: 75.1%; rating input score 75
  • Fundraising efficiency: $40.55 raised per $1 spent on fundraising; rating input score 75; 75th percentile among comparable filings

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: 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: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: Pass

Sustainability

  • Operating margin: 11.1%; rating input score 65; 65th percentile among comparable filings
  • Total-asset coverage ratio: 1.21; rating input score 44; 44th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 65; 65th percentile among comparable filings
  • Officer compensation ratio: 12.1%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: 1.7% per year; rating input score 100; 21st percentile among comparable filings
  • Revenue growth: 3% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: 14.3% per year; rating input score 100; 72nd percentile among comparable filings

Details

  • Where the money goes: 67.5% of revenue deployed · 75.1% of spending went to programs
  • Governance: 48 of 48 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $4M in reported program spending
  • Leadership: top reported pay $296K · 52 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 44/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.