SEAFAIR INC

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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

1949

Legal Domicile

Principal Officer

ERIC CORNING

Phone

2067280123

Tax Period

2019-01-01 to 2019-12-31

SEAFAIR INC, founded in 1949, is a community nonprofit that reported $4.9M in total revenue in fiscal year 2019. Revenue surged 29% from the prior year, signaling strong growth momentum. Expenses of $4.5M left a modest 8% surplus.

Mission

SEAFAIR PROMOTES SOCIAL, CULTURAL AND COMMUNITY ACTIVITIES IN THE GREATER SEATTLE AREA. THE SEAFAIR MISSION IS CREATING MEMORIES, PROVIDING AFFORDABLE FUN AND UNITING COMMUNITIES.

Program Service Accomplishments

Program 1

Expenses: $3,331,887 Revenue: $1,917,875

SEAFAIR HAS GROWN OVER 70 YEARS INTO A TEN-WEEK LONG SUMMER FESTIVAL THAT INCLUDES EIGHT SIGNATURE EVENTS AND OVER 30 OTHER SANCTIONED EVENTS THAT REACH MORE THAN 2 MILLION PEOPLE. WE BRING THE...

SEAFAIR HAS GROWN OVER 70 YEARS INTO A TEN-WEEK LONG SUMMER FESTIVAL THAT INCLUDES EIGHT SIGNATURE EVENTS AND OVER 30 OTHER SANCTIONED EVENTS THAT REACH MORE THAN 2 MILLION PEOPLE. WE BRING THE COMMUNITY TOGETHER THROUGH A SERIES OF EVENTS THAT APPEAL TO A WIDE RANGE OF AGES AND CULTURES. EVENTS INCLUDE SEATTLE SUMMER 4TH WHICH IS SEATTLE'S CITYWIDE 4TH OF JULY CELEBRATION, INCLUDING MUSIC AND GAMES AND SEATTLE'S ONLY PROFESSIONALLY PRODUCED FIREWORKS SHOW, A TRIATHLON, MILK CARTON BOAT RACES THAT INCLUDE ALL AGES AND DIFFERENT GROUP CATEGORIES, THE TORCHLIGHT PARADE AND TORCHLIGHT RUN IN DOWNTOWN SEATTLE WHERE CULTURAL DIVERSITY IS CELEBRATED WITH EACH PARADE ENTRY AND THE CULMINATING SIGNATURE EVENT, SEAFAIR WEEKEND FESTIVAL. THE SEAFAIR WEEKEND FESTIVAL HAS ENTERTAINMENT AND ACTIVITIES ON AND ABOVE LAKE WASHINGTON THAT INCLUDE HYDROPLANE RACES AND WAKEBOARDING AS WELL AS AN AIRSHOW FEATURING THE NAVY BLUE ANGELS. OTHER ENTERTAINMENT AT THE FESTIVAL INCLUDES MUSIC, BMX BIKE DEMONSTRATIONS, EXHIBITOR AND FOOD BOOTHS AND A CHILDREN'S ACTIVITY AREA. THE FESTIVAL ALLOWS THE SEATTLE AREA'S RESIDENTS AND VISITORS TO COME TOGETHER TO SHARE AND APPRECIATE ALL THE DIVERSE CULTURES SHOWCASED AT THE VARIOUS SEAFAIR EVENTS.

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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 (2019)

Revenue Breakdown

Contributions & Grants $2,882,179

Program Service Revenue $1,917,875

Investment Income $1,016

Other Revenue $102,810

TOTAL REVENUE $4,903,880

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,075,755

Fundraising Expenses $528,432

Program Expenses $3,331,887

Other Expenses $3,450,322

TOTAL EXPENSES $4,526,077

Year-over-Year Comparison

	2019	2018	Change
Revenue	$4,903,880	$3,813,389	+0.3%
Expenses	$4,526,077	$4,364,410	+0.0%
Net Income	$377,803	$-551,021	-1.7%

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

Volunteers

2000

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

$230,518

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOEL ANDRUS	BOARD CHAIR	2.00	Officer Director	$0	$0	$0
MICHELLE RUDD	PAST CHAIR	2.00	Officer Director	$0	$0	$0
DEANNE EDERER EMMONS	TREASURER	2.00	Officer Director	$0	$0	$0
DAVID CRUMP	CHAIR ELECT	2.00	Officer Director	$0	$0	$0
NATALIE QUICK	GOVERNMENT A	2.00	Officer Director	$0	$0	$0
JIMMY COLLINS	ALUMNI ADV C	2.00	Officer Director	$0	$0	$0
PHONTEL SHAMI	EXEC COMM ME	2.00	Officer Director	$0	$0	$0
MARIA TRINGALI	EXEC COMM ME	2.00	Officer Director	$0	$0	$0
PAM ANDERSON	BOARD MEMBER	2.00	Director	$0	$0	$0
PEARL LEUNG	BOARD MEMBER	2.00	Director	$0	$0	$0
MICHELLE PINSON	BOARD MEMBER	2.00	Director	$0	$0	$0
DELEE SHOEMAKER	BOARD MEMBER	2.00	Director	$0	$0	$0
STEVE SPOSARI	BOARD MEMBER	2.00	Director	$0	$0	$0
KEITH TAYLOR	BOARD MEMBER	2.00	Director	$0	$0	$0
KEDEST TESFAGIORGIS	BOARD MEMBER	2.00	Director	$0	$0	$0
DELMAS WHITAKER	BOARD MEMBER	2.00	Director	$0	$0	$0
RICHARD ANDERSEN	PRESIDENT AN	40.00	Officer	$71,757	$2,551	$74,308
ERIC CORNING	EXECUTIVE DI	40.00	Officer	$152,398	$3,812	$156,210

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
2019	$4,903,880	$4,526,077	No data	$377,803
2018	$3,813,389	$4,364,410	$1,153,847	$-551,021