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At Tuesday's board meeting of the Downtown Tupelo Main Street Association, treasurer John Avila said the numbers aren't completely finalized but net profit is expected to come in around $88,000 to $89,000.
Avila also was this year's co-chair of the festival, which was June 4-6.
Debbie Brangenberg, executive director of Main Street, said the profit would be in the mid- to high $80,000s, depending on the amounts of outstanding bills.
Avila said the numbers are a tad below last year's figures, but he attributed the difference to a 22 percent increase in expenses this year.
"Overall, we feel it was a pretty successful festival," Avila said.
The profit continues a positive streak for the festival. In 2009, the festival, which is produced by the Main Street Association, made about $93,000, even though Main Street estimated it would break even.
The 2008 festival made $80,000.
The earnings came after an aggressive effort from the organizers to cut costs and make the festival pay for itself. In 2007, the festival lost about $46,000 and Main Street had to wipe out its rainy-day fund.
Now, the rainy-day fund has $50,000 - fulfilling one of the conditions from the Tupelo Convention and Visitors Bureau to continue its $50,000 sponsorship of the event.
Contact Carlie Kollath at (662) 678-1598 or carlie.kollath@djournal.com.
The festival has corporate sponsorships, and there's no expectation that the sponsorship money be returned.
Same thing for grants. Grants are essentially "free money" for the organization. A loan has to be repaid.
The festival does get a boost from taxpayer money, namely the $50,000 annual sponsorship from the Tupelo CVB. That money does not have to be paid back because it is a sponsorship, not a loan.
However, after the unprofitable years in the past, the CVB board said it would grant the money only if the festival maintained at least $50,000 in its rainy-day fund.
The festival has maintained the $50K balance, so it continues to receive the CVB sponsorship.
To my knowledge, the festival does not operate with the help of any loans that must be repaid.