Jun 9, 2014 7:57 PM by Kari Beal
Festival International is exploring new funding strategies, after spending more than festival took in last year. The latest IRS report --page 12--for the 2013 festival shows the organizations expenses were about $101,132 more than their revenue.
"Festival International had rent office and storage space for the first time, which was an unforseen exspense for the 2013 fiscal year," Festival International Executive Director Missy Paschke-Wood said.
The nonprofit had extra funds from prior years to make up for the difference. The revenue and expenses for 2014 Festival International are not out yet, but festival international released a chart of where they bring the most money.
In this chart, the highest percent comes from beverage sales followed by sponsors, merchant fees and individuals. Festival organizers say they are still in the midst of figuring out new funding strategies--including a possible endowment campaign.
"When we have been talking to donors about what they are wanting to see or what they are hoping to fund people have been really open with us. So this summer we are actually going to be inviting members of our small businesses and members of our corporate sponsors and individual donors to give us some feedback," Paschke-Wood said