FESTA ITALIANA

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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

2021

Legal Domicile

Principal Officer

JOSEPH VICARI

Phone

2488229010

Tax Period

2024-01-01 to 2024-12-31

FESTA ITALIANA, founded in 2021, is a small nonprofit in the Arts, Culture & Humanities sector that reported $383K in total revenue in fiscal year 2024. Revenue surged 29% from the prior year, signaling strong growth momentum. Expenses of $359K left a modest 6% surplus.

Mission

THE ORGANIZATION ORGANIZES AND CONDUCTS AN ANNUAL ITALIAN HERITAGE FESTIVAL KNOWN AS FESTA ITALIANA. THE 3-DAY FESTIVAL IS ONE OF THE MOST IMPORTANT AND WELL-LOVED ITALIAN AMERICAN TRADITIONS IN METRO DETROIT. THE FESTIVAL IS SPONSORED BY THE ITALIAN AMERICAN CHAMBER OF COMMERCE OF MICHIGAN AND BY THE JOE VICARI RESTAURANT GROUP AND FEATURES VENDORS OF ITALIAN CUISINE/FOODS, ITALIAN ACTIVITIES, MUSIC AND NUMEROUS OTHER ITALIAN HERITAGE RELATED ACTIVITIES. THE EVENT IS CONDUCTED AT THE FREEDOM HILL COUNTY PARK LOCATED IN STERLING HEIGHTS, MICHIGAN. CURRENTLY, 100% OF THE ORGANIZATION'S TIME IS DEVOTED TO THE ANNUAL FESTIVAL WHICH IS FUNDED BY VENDOR AND SPONSOR CONTRIBUTIONS, PARKING FEES AND RELATED DONATIONS FROM THE PUBLIC. THE ANNUAL FESTIVAL IS INTENDED TO FOSTER AND PRESERVE THE TRADITIONS OF THE ITALIAN AMERICAN HERITAGE.

Program Service Accomplishments

Program 1

Expenses: $355,783 Revenue: $223,343

3-DAY FESTIVAL IN METRO DETROIT WHICH HOSTS MORE THAN 40,000 GUESTS AND MORE THAN 30 FOOD VENDORS TO FOSTER AND PRESERVE THE TRADITIONS OF THE ITALIAN AMERICAN HERITAGE.

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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 $159,794

Program Service Revenue $223,343

Investment Income $0

Other Revenue $0

TOTAL REVENUE $383,137

Expense Breakdown

Grants Paid $41,000

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $355,783

Other Expenses $318,213

TOTAL EXPENSES $359,213

Year-over-Year Comparison

	2024	2023	Change
Revenue	$383,137	$296,413	+0.3%
Expenses	$359,213	$286,668	+0.3%
Net Income	$23,924	$9,745	+1.5%

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

N/A

Volunteers

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOSEPH VICARI	PRESIDENT-DIRECTOR	2.00	Officer Director	$0	$0	$0
PETER GRAY	TREASURER-DIRECTOR	4.00	Officer Director	$0	$0	$0
JOSEPH VENTIMIGLIA	SECRETARY-DIRECTOR	2.00	Officer Director	$0	$0	$0

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	$383,137	$359,213	$44,060	$23,924
2023	$296,413	$286,668	$20,136	$9,745
2022	$247,145	$257,976	$10,391	$-10,831
2021	$243,330	$222,108	$21,222	$21,222