IDFI releases financial report
Iloilo Dinagyang Foundation Inc. (IDFI) has incurred a net income of only P573,398.70 in the recent Dinagyang festival. They only collected P13,249,400 which includes a P2,000,000 loan from the Dynasty Finance.
The financial statement submitted by IDFI President Lee Chuan showed that out of the P13,249,440 funds, the foundation disbursed P12,676,041.30. The financial statement dated February 26, 2008 was prepared by Roberto Pison, the foundation's treasurer. A copy of the report was furnished to City Mayor Jerry Treñas.
Of the P13,249,440 fund, P9,750,000 are donations; P1,499,440 are income during the Kasadyahan, stage tickets sales, kiosk collection, photo contest registration and Dagoy dolls enterprise while they also incurred a loan of P2,000,000.
The disbursements include the subsidy for the tribes, Kasadyahan, marketing, executive committee, prizes and awards, stage construction, stage control and tickets sales, judging and tabulation committee, communications, liturgical sanitation, health and first aid, peace and order, traffic, publicity and media relation, photo exhibit, Ms. Dinagyang, secretariat, golf, airport reception, fireworks, invitation, photo contest, kiosk expense, transportation and communication, PLDT, drum and bugle, Dagoy dolls, Campus Idol, dance showdown, Museo on the spot painting, national launch, awards night (sound system), San Pablo Sining Laya Corporation, food, t-shirts, accounting services, contributions, tourism related events, intellectual property office and interest on loan.
Of the total expenditures, the expenses for tribes got the bigger slice of the fund with P3,305,000. The subsidy for 15 tribes reached to P3,275,000 and an additional of P30,000 as budget for tribe committee.
In the Kasadyahan, the foundation released P600,000 for six tribes and P79,000 for the Kasadyahan committee. The expenses for the prizes and awards for the Dinagyang, Kasadyahan, Dressing Up Dagoy Dolls contest and street painting contest reached to P704,500.