Overview
What is Plano Balloon Festival Inc?
Plano Balloon Festival Inc, based in Plano, Texas, operates primarily as a charitable organization, focusing on the annual Balloon Festival. Their primary mission is to foster unity and understanding about hot air balloons within the community. By organizing this event, they aim to provide a family-oriented, high-quality experience while offering local non-profit organizations an opportunity to contribute to the festival's operations. This collaboration enables participating non-profits to raise funds and increase awareness for their causes, primarily associated with the Balloon Festival. With a small team of three dedicated individuals, Plano Balloon Festival Inc continues its mission to educate and entertain the community.
Official website here: www.planoballoonfest.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Star rating (Needs Improvement, Overall score: 73%)
Plano Balloon Festival Inc has received a two-star rating from Charity Navigator, indicating that the organization requires improvement in various areas. The overall score of 73% reflects solid performance in specific metrics such as having 100% independent board members and a strong program expense ratio of 82.67%. However, there are significant concerns regarding the lack of financial transparency, as the organization has not provided financial statements or post its tax form on its website.
Despite these shortcomings, the nonprofit has demonstrated a commitment to governance with documented board meeting minutes and a clear document retention policy. However, the absence of a conflict of interest policy and a whistleblower policy raises questions about the organization's accountability and ethical standards. These factors contribute to its lower rating, highlighting areas needing attention to improve governance practices and financial disclosures.
Overall, while the Plano Balloon Festival Inc shows positive aspects in program spending and board independence, the lack of transparency and essential policies could hinder its effectiveness and trustworthiness in the eyes of potential donors and the community. Addressing these issues may enhance its standing and operational integrity in the future.
This AI summary has been generated from information found on Charity Navigator.
Is Plano Balloon Festival Inc legitimate?
Plano Balloon Festival Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Plano Balloon Festival 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: $139,021
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,416
For more financial information, click here
Official website here: www.planoballoonfest.org
What is the mission statement of Plano Balloon Festival Inc?
Plano Balloon Festival Inc's mission is centered around promoting unity and enhancing understanding about hot air balloons among the general public. Their primary objective is to organize a family-friendly event of high quality, serving as a platform for various local non-profit organizations to raise funds and increase awareness for their charitable activities. The main focus of these activities is primarily the balloon festival itself. Additionally, the festival aims to educate the community about hot air balloons.
Official website here: www.planoballoonfest.org
Who is the CEO of Plano Balloon Festival Inc?
Jo Via is the Chairman of Plano Balloon Festival Inc.
Official website here: www.planoballoonfest.org
What is the revenue of Plano Balloon Festival Inc?
Plano Balloon Festival Inc's revenue in 2022 was $1,332,436.
Official website here: www.planoballoonfest.org
Who are the executives of Plano Balloon Festival Inc and what are their salaries?
The average compensation at Plano Balloon Festival Inc during 2022 was $47,479. There are 3 employees at Plano Balloon Festival Inc.
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Official website here: www.planoballoonfest.org
Where can I find the form 990 for Plano Balloon Festival Inc?
Plano Balloon Festival Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.planoballoonfest.org
Learn more at the official website: www.planoballoonfest.org
Mission Statement of Plano Balloon Festival Inc
Plano Balloon Festival Inc, a non-profit organization, is dedicated to fostering unity and promoting an understanding of hot air balloons among the general public. Their primary mission is to organize a family-friendly event of high quality, serving as a platform for other local non-profit organizations. This festival offers these non-profits an unique opportunity to raise funds and increase awareness for their charitable activities, primarily centered around the balloon festival itself. Furthermore, the organization aims to educate the community about hot air balloons, utilizing this event as a medium to share this fascinating aspect of aviation with a wider audience.
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Impact
July, 2024
Plano Balloon Festival Inc's impact lies in promoting unity and understanding among civilians through the awe-inspiring medium of hot air balloons. By organizing charitable activities, especially the annual Balloon Festival, the organization educates the community about the beauty and grace of hot air balloons. The festival serves as a platform for local non-profits to participate, assisting in its operations and raising funds and awareness for their own charitable causes. Through this family-oriented and high-quality event, Plano Balloon Festival Inc not only entertains but also uplifts and supports the community, making a positive impact on both individuals and charitable organizations in Plano, Texas.
This information is meant to be a general summary of Plano Balloon Festival 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.
- Investment Income: $6,706
- Program Service Revenue: $1,125,605
- Gross Receipts: $1,332,436
Assets and Liabilities:
- Total Assets: $960,981
- Total Liabilities: $0
- Net Assets: $960,981
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
BALLOON FESTIVAL
Revenue
$1,103,380
SPONSORSHIP
Revenue
$22,225
Organization Details
Phone
(972) 867-7566Principal Officer
Jo Via
Main Address
PO BOX 867706, PLANO, TX, 750867706
Website
www.planoballoonfest.orgNTEE Category
Code: N6XZ - Recreation
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