NORFOLK FESTEVENTS LTD

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1979

Legal Domicile

Principal Officer

JUDY BARRETT

Phone

7574412345

Tax Period

2024-01-01 to 2024-12-31

NORFOLK FESTEVENTS LTD, founded in 1979, is a community nonprofit in the Recreation & Sports sector that reported $6.0M in total revenue in fiscal year 2024. Revenue decreased 7% compared to the prior year. Expenses of $5.3M left a modest 11% surplus.

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.

Program Service Accomplishments

Program 1

Expenses: $3,985,819 Revenue: $1,746,917

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $4,052,516

Program Service Revenue $1,746,917

Investment Income $144,717

Other Revenue $30,961

TOTAL REVENUE $5,975,111

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,814,121

Fundraising Expenses $99,949

Program Expenses $3,985,819

Other Expenses $3,495,967

TOTAL EXPENSES $5,310,088

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,975,111	$6,432,459	-0.1%
Expenses	$5,310,088	$5,196,326	+0.0%
Net Income	$665,023	$1,236,133	-0.5%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

105

Volunteers

150

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$491,164

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EDWARD W WOLCOTT JR	PRESIDENT (BEGAN 2/21/24)	3.00	Officer Director	$0	$0	$0
PRESTON I CARRAWAY III	VICE PRESIDENT (BEGAN 2/21/24)	3.00	Officer Director	$0	$0	$0
RADM BE TOBIN	SECRETARY	3.00	Officer Director	$0	$0	$0
KEVIN BRANDAL	TREASURER	3.00	Officer Director	$0	$0	$0
JUDY BARRETT	IMMEDIATE PAST PRES. (BEGAN 2/21/24)	3.00	Officer Director	$0	$0	$0
RUDY MIDDLETON III	DIRECTOR (BEGAN 2/21/24)	3.00	Director	$0	$0	$0
RAFAELLE L ALLEN	BOARD MEMBER	3.00	Director	$0	$0	$0
JACK ANKERSON	BOARD MEMBER	3.00	Director	$0	$0	$0
VADM DAVID ARCHITZEL	BOARD MEMBER	3.00	Director	$0	$0	$0
JIM BIBBS	BOARD MEMBER	3.00	Director	$0	$0	$0
BARRY C BISHOP	BOARD MEMBER	3.00	Director	$0	$0	$0
BRUCE T BISHOP	BOARD MEMBER	3.00	Director	$0	$0	$0
VICTOR BRANNON	BOARD MEMBER	3.00	Director	$0	$0	$0
CHARLIE CHURCH	BOARD MEMBER	3.00	Director	$0	$0	$0
CURTIS COLE JR	BOARD MEMBER	3.00	Director	$0	$0	$0
HUNTER COMPO MEREDITH	BOARD MEMBER	3.00	Director	$0	$0	$0
EARLENE COYNER	BOARD MEMBER	3.00	Director	$0	$0	$0
KENNY CROFTON	BOARD MEMBER	3.00	Director	$0	$0	$0
ROBERT W CROSS	BOARD MEMBER	3.00	Director	$0	$0	$0
THOMAS G CROSS	BOARD MEMBER	3.00	Director	$0	$0	$0
MATTHEW CROWE	BOARD MEMBER	3.00	Director	$0	$0	$0
S W DAWSON	BOARD MEMBER	3.00	Director	$0	$0	$0
PHILLIP DECKER	BOARD MEMBER	3.00	Director	$0	$0	$0
JIM FORRESTER	BOARD MEMBER	3.00	Director	$0	$0	$0
RUSTY FRIDDELL	BOARD MEMBER	3.00	Director	$0	$0	$0
D BARY FRYE JR	BOARD MEMBER	3.00	Director	$0	$0	$0
CHUCK GRAY	BOARD MEMBER	3.00	Director	$0	$0	$0
FINN HOST	BOARD MEMBER	3.00	Director	$0	$0	$0
JAY C JONES	BOARD MEMBER	3.00	Director	$0	$0	$0
JERRAULD C JONES	BOARD MEMBER	3.00	Director	$0	$0	$0
LEIGH KEOGH	BOARD MEMBER	3.00	Director	$0	$0	$0
KURT KRAUSE	BOARD MEMBER	3.00	Director	$0	$0	$0
JAN LOWRY	BOARD MEMBER	3.00	Director	$0	$0	$0
WILLIAM S MAGANN	BOARD MEMBER	3.00	Director	$0	$0	$0
PATTY MICHAEL	BOARD MEMBER	3.00	Director	$0	$0	$0
WILLIAM SHEP MILLER	BOARD MEMBER	3.00	Director	$0	$0	$0
SHURL MONTGOMERY	DIRECTOR (THRU 2/21/24)	3.00	Director	$0	$0	$0
ARTHUR W MOYE JR	BOARD MEMBER	3.00	Director	$0	$0	$0
MATTHEW NUSBAUM	BOARD MEMBER	3.00	Director	$0	$0	$0
FRANK RABENA	BOARD MEMBER	3.00	Director	$0	$0	$0
CART RIXEY REILLY	BOARD MEMBER	3.00	Director	$0	$0	$0
RAYMOND ROBBINS	BOARD MEMBER	3.00	Director	$0	$0	$0
ROB ROBINS	BOARD MEMBER	3.00	Director	$0	$0	$0
STEPHANIE SANKER	BOARD MEMBER	3.00	Director	$0	$0	$0
ANN SULLIVAN	BOARD MEMBER	3.00	Director	$0	$0	$0
OLGA TORRES BAKER	BOARD MEMBER	3.00	Director	$0	$0	$0
JAMES WHITE	BOARD MEMBER	3.00	Director	$0	$0	$0
WALTER J WILKINS II	BOARD MEMBER	3.00	Director	$0	$0	$0
ROLF ANDERS WILLIAMS	BOARD MEMBER	3.00	Director	$0	$0	$0
KAREN SCHERBERGER	FORMER EXECUTIVE DIRECTOR	75.00	Officer	$261,758	$33,908	$295,666
COMELL TED BAROODY	EXECUTIVE DIRECTOR	75.00	Officer	$170,069	$25,429	$195,498
PAUL MORRISON	VP SALES/OPERATIONS	50.00	Highest	$126,297	$23,904	$150,201

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$5,975,111	$5,310,088	$6,429,698	$665,023
2023	$6,432,459	$5,196,326	$5,792,698	$1,236,133
2022	$6,663,480	$4,868,817	$4,583,271	$1,794,663
2021	$4,090,710	$2,903,085	$2,813,598	$1,187,625
2020	$2,594,500	$2,159,337	$1,649,551	$435,163
2019	$4,687,812	$4,614,115	$1,232,940	$73,697
2018	$4,814,116	$4,972,300	$1,180,186	$-158,184