Suffolk Festivals Inc
Nonprofit profile at a glance
- EIN
- 541338401
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024, Form 990-EZ 2020
- Location
- Suffolk, VA, USA
- Phone
- 7575396751
- Rating
- 67
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $621,113
- Expenses
- $500,947
- Assets
- $448,402
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
14 people listed
Executive titles in this filing
- William D Wyatt Sr (President)
- Thomas C Andrews Jr (Vice President)
People named in this filing
- BILLY COOPER (Director)
- Theresa Earles (Director)
- FREDDIE GARDNER (Director)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
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 the civic betterment and general welfare of the City of Suffolk and exploit the natural resources and opportunities of the community, its trade and commerce, and its educational life, by providing recreation and entertainment for all and by enhancing the quality of life of its people; To advance the commercial, economic, social, cultural and athletic interests within the community; To create a spirit of goodwill and friendliness among the people of this community and those living elsewhere in the state and nation, and to expand commercial, economic and social relationships in the general trade area of the community; To provide programs of common interest for the people of the community; To promote, produce and stage such events and attractions as shall appeal to the community and shall attract guests and visitors thereto.
What it reported doing in 2024
Each Year as many as 300 volunteers work together tirelessly to present the citizens of Suffolk, Hampton Roads and beyond and event that honors the City's agriculture heritage and devotion to peanuts, our favorite legumes. Known for its fun family activities, Suffolk Peanut Fest offers concerts, amusement rides, contests and competitions. In addition, hundreds of exhibits are on display that are interesting and in many cases educational.Now in its 47th year, the Suffolk Peanut Fest attracts as many as 125,000 visitors over the four days dedicated to this huge event. With something for every age, the Suffolk Peanut Fest is a place filled with family traditions and a place where memories are made.
Operating model
- Revenue model
- Earned-program. 80% of the money available for current operations came from fees and other program revenue.
- 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.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
SUPPORTED - The filed numbers largely add up and revenue comfortably covers expenses. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 59
- Transparency & Controls: 92
- Accountability: 58
- Sustainability: 67
- Growth: 20
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 59.8%; rating input score 60
- Program expense ratio: 75.6%; rating input score 76
- Fundraising efficiency: Limited
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: 0 of 7 controls in place; rating input score 0
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Fail
- Audit committee oversight: Fail
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 19.3%; rating input score 75; 75th percentile among comparable filings
- Total-asset coverage ratio: 0.9; rating input score 39; 39th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings
Growth
- Program expense growth: -0.1% per year; rating input score 0; 17th percentile among comparable filings
- Revenue growth: -0.9% per year; rating input score 0; 12th percentile among comparable filings
- Asset growth: 7.1% per year; rating input score 100; 48th percentile among comparable filings
Details
- Where the money goes: 59.8% of revenue deployed · 75.6% of spending went to programs
- Governance: 14 of 14 board members independent · 0 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $379K in reported program spending
- Leadership: top reported pay $0 · 14 people listed
- Consistency: 17 of 17 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- 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 — Accountability: Governance controls: 7 of 7 not reported.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 39/100.