Overview
What is Seafair Charitable Foundation?
The Seafair Charitable Foundation, based in Seattle, Washington, is a nonprofit organization dedicated to promoting social, cultural, and community activities. Their primary objective is to offer affordable fun and bring communities together. Despite the cancellation of all events in 2021 due to the COVID-19 pandemic, the foundation successfully resumed its activities in 2022, featuring the Seafair Summer 4th, Torchlight Parade and Run, Seafair Weekend Airshow and Hydroplane Races, and a floating concert. The foundation contributed to resuming 30 community festivals and parades in the greater Seattle area, furthering its mission of creating memorable experiences, providing affordable entertainment, and fostering a sense of community unity. The Seafair Charitable Foundation, with a workforce of 14 individuals, has made a significant impact in the Seattle area by organizing engaging events that cater to a wide range of audiences.
Official website here: www.seafair.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Zero-Star out of Four Stars (48%)
The Seafair Charitable Foundation has received a Zero-Star rating from Charity Navigator, reflecting significant concerns in its financial accountability and performance metrics. The overall score is based solely on accountability and finance, where it achieved a low score of 48%. While the organization demonstrates strengths in governance, such as having a fully independent board and comprehensive policy documentation, these positives are overshadowed by its financial ratios.
Notably, the foundation faces critical issues with its liabilities, having a liabilities to assets ratio of 103.03%, indicating that its obligations exceed its assets. Additionally, its program expense ratio is relatively low at 60.48%, and the fundraising efficiency ratio is concerning, with $0.40 raised for every dollar spent. The working capital ratio is also negative, suggesting that the organization may struggle to cover its short-term obligations.
Overall, while Seafair Charitable Foundation shows dedication in transparency and governance, the financial health raises red flags that potential donors may want to consider carefully before contributing.
This AI summary has been generated from information found on Charity Navigator.
Is Seafair Charitable Foundation legitimate?
Seafair Charitable Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Seafair Charitable Foundation 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: $180,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $401,977
For more financial information, click here
Official website here: www.seafair.org
What is the mission statement of Seafair Charitable Foundation?
The Seafair Charitable Foundation's mission is centered around promoting social, cultural, and community activities in a broader context. Their objective is to create cherished memories, offer affordable fun, and foster a sense of unity within communities. Despite the cancellation of all events in 2021 due to COVID-19, the foundation managed to resume its activities in 2022. This included the Seafair Summer 4th, Torchlight Parade and Run, the Seafair Weekend Airshow and Hydroplane Races, and a floating concert that attracted boaters for a day filled with live music and water activities. Lastly, Seafair played a significant role in resuming over 30 community festivals and parades in 2022.
Official website here: www.seafair.org
Who is the CEO of Seafair Charitable Foundation?
Eric Corning is the Chair of Seafair Charitable Foundation. The CEO's salary of Seafair Charitable Foundation is $180,000 and their total compensation is $180,000.
Official website here: www.seafair.org
What is the revenue of Seafair Charitable Foundation?
Seafair Charitable Foundation's revenue in 2022 was $3,771,011.
Official website here: www.seafair.org
Who are the executives of Seafair Charitable Foundation and what are their salaries?
The average compensation at Seafair Charitable Foundation during 2022 was $41,570. There are 14 employees and 2000 volunteers at Seafair Charitable Foundation.
Here are 20 key members and their salaries (Seafair Charitable Foundation's CEO's salary is $180,000 and their total compensation is $180,000):
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Official website here: www.seafair.org
Where can I find the form 990 for Seafair Charitable Foundation?
Seafair Charitable Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.seafair.org
Learn more at the official website: www.seafair.org
Mission Statement of Seafair Charitable Foundation
Seafair Charitable Foundation, a nonprofit organization, is dedicated to promoting social, cultural, and community activities in the greater Seattle area. Their mission is multifaceted, aiming to create memorable experiences, provide affordable fun, and foster a sense of unity within the communities. In 2021, all events were canceled due to the COVID-19 pandemic, but the foundation made a comeback in 2022. The Seafair Summer 4th, Torchlight Parade and Run, and the Seafair Weekend Airshow and Hydroplane Races returned, bringing joy and excitement back to the community. Moreover, a floating concert was organized, attracting boaters of all kinds to enjoy a day filled with live music and water activities. Seafair also played a significant role in resuming the 30 community festivals and parades in 2022, contributing to the revitalization of community spirit and togetherness.
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Impact
July, 2024
Seafair Charitable Foundation's impact lies in promoting social, cultural, and community activities in the greater Seattle area. By organizing events such as the Seafair Summer 4th, Torchlight Parade and Run, and the Seafair Weekend Airshow and Hydroplane Races, Seafair creates opportunities for affordable fun and community cohesion. Even in the face of challenges like the cancellation of events in 2021 due to COVID-19, Seafair has contributed to the resumption of 30 community festivals and parades in 2022, fostering a sense of togetherness and shared experiences among residents. Through initiatives like the floating concert that brought boaters together for a day of live music and water activities, Seafair continues to play a vital role in uniting communities and creating lasting memories for all participants.
This information is meant to be a general summary of Seafair Charitable Foundation. 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: $294
- Program Service Revenue: $1,201,637
- Gross Receipts: $4,028,367
Assets and Liabilities:
- Total Assets: $1,049,430
- Total Liabilities: $1,081,292
- Net Assets: -$31,862
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ENTRY FEES
Revenue
$1,201,637
Organization Details
Founding Year
2018
Phone
(206) 728-0123Principal Officer
Eric Corning
Main Address
1455 NW LEARY WAY 400, SEATTLE, WA, 98121
Website
www.seafair.orgNTEE Category
Code: T31 - Philanthropy
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