IPRFI incurs deficit in 2008 Paraw Regatta festival
The expenditure of the Iloilo Paraw Regatta Foundation Inc. (IPRFI) in the recently concluded Paraw Regatta Festival is much higher compared to the amount they have collected in form of financial assistance from local government units and donations from the different companies. The expenses for the 2008 Paraw Regatta reached P1,851,163 while the total cash receipts is only P1,579,265.30.
IPRFI's financial statement showed that the foundation has a deficit of P271,898.50 for the Paraw Regatta 2008. However, this year's deficit was covered by the surplus in funds in previous years and the incorporator's fund. The surplus from previous years amounted to P508,593.92 and incorporator's fund of P150,000. The foundation has a total cash in bank of P386,695.42.
The financial statement was signed by Mr. Manuel Joseph Barredo, head finance committee of the IPRFI. The same was noted by Manuel Villa Jr, IPRFI's chair, and Department of Tourism (DOT) Regional Director Edwin Trompeta, IPRFI's vice chair.
The bulk of the expenses for this year's festival was spent for the special events that included the Samba De Regatta totaling to P759,350. The operating expenses for the Samba Regatta tops the list with P105,900. It is followed by the prizes on the Samba Regatta with P92,000.
The prizes for the Samba Regatta was taken cared of by the Department of Tourism (DOT) regional office. The tourism department takes a direct hand in whatever cash assistance they give to the foundation.
Surprisingly, the expenses for the Samba Regatta is much bigger compared with the expenses incurred for the Paraw Regatta which is only P675,588.70. The prizes committee listed an expenses in the event proper for P201,800.
The foundation also incurred P416,225.10 expenses comprising of its scholarship grants which is P112,145, handsets and Western Visayas Tourism Assembly held in Bacolod for P141,110.