BACOLOD City The Silver Masskara Festival Organization (SMFO) submitted to the Sangguniang Panlungsod (SP) its audited financial statements on the holding of the Masskara festival from 2016, 2017, and 2018.
Aside from submitting the financial report, SMFO festival director Eli Tajanlangit also opened to the media their financial statements at the Business Inn Hotel on April 30, 2019.
SMFO records show that its net assets (minus expenses and costs) in 2018 was P2,411,291.
In the years of 2016 and 2017, the net assets were P1,353.896 and P1,653,040, respectively.
Gross assets in 2016 totaled P9.8 million; P13.2 in 2017; and P15.4 million in 2018.
The operating expenses and production costs totaled PP8.9 million in 2016; P12.6 million in 2017; and P14.8 million in 2018.
Tajanlangit said that the income of the SMFO were all from sponsorships and sales.
“There was no government fund extended to the SMFO,” he said.
He also said that the tradition of publicly accounting and reporting on the Masskara Festival started when he assumed SMFO.
We have been consistently doing this. We only consolidated the last three years because of the unique circumstances here. We are not required, but we do this before the SP because they are the representative of our people to whom we owe an accounting, Tajanlangit said.
I was waiting for the organizers of the previous three festivals before we returned in 2016 to render their own report and accounting for three years, 2013, 2014 and 2015, Tajanlangit stressed.
From 2013 to 2015, the Masskara festival organizer was the Kasadya Bacolod Foundation, Inc. then under the administration of former mayor Monico Puentevella.
The SMFO, on the other hand, is under the administration of Mayor Evelio Leonardia.