Summary of Financial Information

Each year the Foundation is required to submit financial information to the Internal Revenue Service. 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 2007.

Of the total revenue in 2007, 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 2007, other than scholarships, 96% of the expenses related directly to the Festival for catering, entertainment, equipment, supplies, etc. The remaining 4% covers overhead and administrative expenses such: as insurance, website services, accounting fees, telephone, etc.

The excess of income over expenses is used to fund high school and college scholarships to qualifying, local students.

In 2007, 19 scholarships were awarded. Since these are four – year awards, they will be payable until 2010 for a total payable value of $70,500, or 66% of net income. The excess 34% is placed in reserve to fund future awards or other charitable projects in 2008, 2009, etc., as approved by the Vendemmia Foundation Board.