IPRFI incurred P4T deficit, still saves some amount
Iloilo City -- The Iloilo Paraw Regatta Foundation Inc. (IPRFI) has acquired some P4,000 deficit in this year's sailboat competition. However, the foundation still managed to keep some P200,000 in their bank account.
The financial report signed by Manuel Villa Jr, chair of the IPRFI, showed that they have a total cash receipts of P640,943.82. However, their expenditures reached to P645,142.50. They incurred a deficit of P4,623.47. The deficit is meager as the foundation is just created this year. The financial report is dated March 4, 2006.
In the same financial statement, the IPRFI had P140,000 savings which came from their incorporators and another P77,961.80 surplus amount from the previous Paraw Regatta competition. They have a total cash in bank of P213,338.33. The same financial statement was signed by Manuel Joseph Barredo of the IPRFI's finance committee, Heloise Javellana, executive committee and head of the City Tourism office and Department of Tourism Regional Director Edwin Trompeta.
Bulk of the expenses was incurred during the regatta proper which amounted to P351,382.79. Of the P351,382.79, P148,200 went to the prizes. The foundation also spent P232,042.00 in the special events. The special events include the miniature paraw race, dinghy sailing, samba sa villa, paraw regatta photo exhibit, pinta paraw, slalom and Iloilo Miss Paraw Regatta.
The foundation also spent P62,142.50 for paraw regatta streamers/markers, DOT meals personnel and guests, trophies and life jackets.