Is Somersworth Festival Association Legit?

The Somersworth Festival Association demonstrates consistent financial health and growth over the past several years, as evidenced by its increasing revenue and assets. In the 2023 fiscal period, the organization reported revenue of $106,007 and expenses of $80,738, resulting in a surplus that contributed to its growing asset base of $112,648. This trend of revenue exceeding expenses is generally positive, indicating sound financial management and an ability to build reserves. The organization's liabilities have consistently been very low or zero, which is a strong indicator of financial stability and responsible fiscal practices. The association's spending efficiency appears strong, particularly given that officer compensation has been reported as 0% across all available filings. This suggests that the organization relies heavily on volunteer efforts for its leadership, allowing a greater proportion of its funds to be directed towards its programs and operational costs. While specific program spending percentages are not detailed in the provided data, the absence of executive compensation is a significant positive for efficiency. The consistent growth in assets from $46,675 in 2020 to $112,648 in 2023 further underscores its ability to manage resources effectively and build capacity. In terms of transparency, the organization has a robust filing history with 14 IRS 990 filings, indicating consistent compliance with reporting requirements. The clear reporting of zero officer compensation across all periods is a transparent disclosure. The consistent growth in assets and revenue, coupled with minimal liabilities, paints a picture of a well-managed and financially stable organization. However, without a detailed breakdown of program, administrative, and fundraising expenses, a complete assessment of spending efficiency across these categories is limited.