Our Finances
Finances always seem to be such a hot
topic. Everyone always seems to want to keep things secret. We have no idea why. If you are
honest about what you are doing, we think releasing financial information helps build trust. So here
goes:
Our foundation has a working relationship
with Festivals Unlimited, Inc., a privately held company with no one affiliated with our foundation. They
produce great events and are very experienced. Being "normal" Americans, they also go out of their way to
make as much money as possible, while still putting on great events. With their help, we now produce the
Cincy Winter Beerfest and two Columbus Beerfests each year. And we are investigating several more cities
right now. Our foundation is legally responsible for everything at these events. Bill Hulsizer signs
the liquor permits and is personally responsible (of course we have a $3,000,000 insurance policy on each event,
too). That's why he attends every event and is always on the lookout for any potential issues. So far
we've had none and we want to keep it that way. Our events are celebrations of life and we want everyone to
be happy.
Our basic deal with Festivals Unlimited is that
when all is said & done, we receive 20% of the net profits from each event. We did a lot of
searching and found very few large charity events that end up making more than this. Believe it or not, most
of the ones we found were closer to 10%. To get an alcohol permit in Kentucky, the charity only needs to
receive 10%, but we still receive 20%. So we think this is a pretty good deal, especially since Festivals
Unlimited takes care of all details of promotions, management and operations. Starting January 1, 2012,
Festivals Unlimited is becoming their own 501-c(3) non-profit whose mission is to raise as much money as possible
for music education for children. They will assume all responsibility and risk themselves and have
promised to continue granting 20% of the net proceeds to our foundation. Free money with no risk.
Gotta like it !!!
So, here are the high-level results of
our Beerfests. Prior to 2010, the beerfests were produced by Festivals Unlimited and we got a donation
from them. These were much smaller and we don't have full financial results for
them.
May 20 & 21, 2011 - Columbus Summer
Beerfest
Total Income ----------------------
$144,159.00
Total Expenses ------------------
$122,396.10
Net Profit ----------------------------
$21,762.90
Festivals Unlimited share ---
$17,410.32
Big Joe Duskin share ---------
$4,352.58
February 11 & 12, 2011 - Cincy Winter
Beerfest
Total Income ----------------------
$191,502.53
Total Expenses ------------------
$127,644.23
Net Profit ----------------------------
$63,858.30
Festivals Unlimited share ---
$51,086.64
Big Joe Duskin share ---------
$12,771.66
January 14 & 15, 2011 - Columbus Winter
Beerfest
Total Income ----------------------
$142,297.00
Total Expenses ------------------
$98,824.20
Net Profit ----------------------------
$43,472.80
Festivals Unlimited share ---
$34,778.24
Big Joe Duskin share ---------
$8,694.56
May 29 & 30, 2010 - Columbus Summer
Beerfest
Total Income ----------------------
$83,400.00
Total Expenses ------------------
$65,925.37
Net Profit ----------------------------
$17,474.63
Festivals Unlimited share ---
$13,874.63
Big Joe Duskin share ---------
$3,600.00
January 30, 2010 - Cincy Winter
Beerfest
Total Income ----------------------
$87,971.00
Total Expenses ------------------
$60,604.00
Net Profit ----------------------------
$27,367.00
Festivals Unlimited share ---
$21,567
Big Joe Duskin share ---------
$5,800
As you can see, we are making some money at
these events. 90% of the proceeds from each city stays in a fund for that city and 10% goes into our fund for
administrative expenses like printing & postage. This also pays for our professional help, like our
lawyer and accountant.
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