2009 Summary of Financial Information

Each year the Foundation has independent accountants review our records on which a report, along with our annual Federal tax return, is sent to the Pennsylvania Bureau of Charitable Organizations. The Form 990 is filed with the IRS by an accounting firm engaged by the Foundation. The data that follows is a visual summary of the data submitted for 2009.

Of the total revenue of $129,530 for 2009, 73% came from guest admission receipts for the annual Festival. The remaining 27% came from donations by corporations and individuals, and from investment income.

Of the total expenses in 2009, other than scholarships, 89% of the expenses related directly to the Festival for catering, entertainment, equipment, supplies, etc. The remaining 11% covered overhead and administrative expenses such as: investment fees, insurance, website services, accounting fees, telephone, etc.

 

Scholarship Funding

Income exceeded expenses by $7,463. These funds, plus funds from prior years, were used to pay out $49,500 in scholarships to students who were awarded scholarships in 2009 and to those students from prior years who continued to qualify.

In 2009, 20 new scholarships were awarded. These are four-year scholarships which have a total value of $60,000 and will be available to the students each year until 2012.