Thursday, September 4, 2014
I had been hearing some conflicting things about Heritage Festival finances from various people. Some said it was in trouble financially and advanced their theories why. One person was strident in blaming the city for imposing fees that were destroying the festival. I wanted to take a look for myself. The Ypsilanti Heritage Festival Foundation is a nonprofit of the 501(c)(3) variety. As such, its tax documents are open to the public and, as it says on the tax forms nonprofits such as the Heritage Festival (HF) use, "Open to Public Inspection." I obtained HF tax forms for the years 2002-2012 and analyzed the data. I made some charts to try and understand the data. Here is one showing the overall HF expenses, revenues, and net assets: online fee schedule (Note: This is the 2014 fee schedule, and some costs are higher than they were in 2012). Unless this cost has been folded into another one, I do not see it itemized in 2012. Nor is the city's 2012 charge for electricity and various other smaller city fees totaling $750.
What do these documents suggest if the festival is to continue?
Posted by Dusty D at 9/04/2014 01:09:00 PM