Overview
What is Spiedie Fest Balloon Rally Expo Inc?
Spiedie Fest Balloon Rally Expo Inc is a nonprofit organization based in Binghamton, New York, with a postal address at PO BOX 275 WESTVIEW STATION. Their primary mission is to enhance the quality of life for the residents of Broome County. They achieve this by organizing annual festivals and donating the net profits from these events to local, eligible 501(c)(3) non-profit organizations. The goal is to contribute to the community's well-being and enrich the lives of its residents.
Official website here: www.spiediefest.com
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 69% (Two-Star out of Four Star rating)
Spiedie Fest Balloon Rally Expo Inc has received a Two-Star rating from Charity Navigator, indicating a moderate level of effectiveness in its financial accountability and transparency. The organization excels in having a fully independent board and demonstrates strong financial reporting practices, with no reported material diversion of assets. However, it has significant weaknesses due to the absence of crucial policies such as conflict of interest and whistleblower protections, which are essential for ensuring ethical governance.
Additionally, while the nonprofit shows an impressive program expense ratio of 95.57%, indicating that a high portion of its funds support its programs, it struggles with a high liabilities to assets ratio of 205.96%. This raises concerns about its financial stability and ability to sustain operations in the long term. The presence of independent board members is a positive aspect, but the lack of important governance policies could pose risks to the organization.
Overall, while Spiedie Fest Balloon Rally Expo Inc demonstrates strengths in program funding and board independence, the significant shortcomings in governance policies and financial stability should be addressed to improve its overall rating and effectiveness in achieving its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Spiedie Fest Balloon Rally Expo Inc legitimate?
Spiedie Fest Balloon Rally Expo Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Spiedie Fest Balloon Rally Expo Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $53,000
For more financial information, click here
Official website here: www.spiediefest.com
What is the mission statement of Spiedie Fest Balloon Rally Expo Inc?
Spiedie Fest Balloon Rally Expo Inc's mission is centered around enhancing the quality of life for residents in an unspecified community. They achieve this by organizing annual festivals and donating the event's net profits to local, eligible non-profit organizations. This philanthropic approach aims to support various community initiatives and improve the overall well-being of the residents. The organization's annual festivals not only serve as a source of entertainment but also contribute to the betterment of the community through its charitable donations.
Official website here: www.spiediefest.com
Who is the CEO of Spiedie Fest Balloon Rally Expo Inc?
Anthony Paniccia is the President/Treasurer of Spiedie Fest Balloon Rally Expo Inc.
Official website here: www.spiediefest.com
What is the revenue of Spiedie Fest Balloon Rally Expo Inc?
Spiedie Fest Balloon Rally Expo Inc's revenue in 2022 was $808,726.
Official website here: www.spiediefest.com
Who are the executives of Spiedie Fest Balloon Rally Expo Inc and what are their salaries?
There 600 volunteers at Spiedie Fest Balloon Rally Expo Inc.
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Official website here: www.spiediefest.com
Where can I find the form 990 for Spiedie Fest Balloon Rally Expo Inc?
Spiedie Fest Balloon Rally Expo Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.spiediefest.com
Learn more at the official website: www.spiediefest.com
Mission Statement of Spiedie Fest Balloon Rally Expo Inc
Spiedie Fest Balloon Rally Expo Inc is a nonprofit organization with a mission to enhance the quality of life for the residents of its community. This is achieved through the annual operation of festivals. The primary focus of these events is to generate profits, which are then donated to local not-for-profit organizations. By doing so, Spiedie Fest Balloon Rally Expo Inc aims to contribute to the betterment of various sectors within the community, providing much-needed support to these organizations. This approach allows the nonprofit to play a significant role in promoting community development and well-being.
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Impact
October, 2024
Spiedie Fest Balloon Rally Expo Inc significantly enhances the quality of life for residents in Broome County. Through its annual festival, the event not only brings together the community but also generates funds that are redistributed to local nonprofit organizations. This influx of resources supports a variety of human services initiatives, contributing to societal well-being. The festival serves as both a celebration and a catalyst for positive change, fostering community spirit and providing essential support to those in need within the area. Its impact extends beyond entertainment, making a meaningful difference in the lives of many residents.
This information is meant to be a general summary of Spiedie Fest Balloon Rally Expo Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $307,005
- Gross Receipts: $808,726
Assets and Liabilities:
- Total Assets: $417,176
- Total Liabilities: $859,231
- Net Assets: -$442,055
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICE REVENU
Revenue
$307,005
Organization Details
Founding Year
1996
Phone
(607) 765-6604Principal Officer
Anthony Paniccia
Main Address
PO BOX 275 WESTVIEW STATION, BINGHAMTON, NY, 13905
Website
www.spiediefest.comNTEE Category
Code: P20Z - Human services
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