May 2, 2013

Costs high for Midsummerfest

Costs high for Midsummerfest


By ALLAN TINKER

The Merchants Associ-ation heard hard numbers at their April meeting on April 23 at the Union. With $9,000 spent on the last year’s fest, gaming is down and costs need to be reduced, according to Walter Lipp who handles the gaming reports and filings for the 501-c-6 entity.
According to the last quarter’s tax report from the ND long form 9809, gaming revenues (pull tabs) from the remaining two sites (Union Grill and Bar in McClusky and Wing Bar) are down from the previous quarter.
The report showed that previous quarter’s net proceeds were $5,934; first quarter of 2013 was $5,082. Amount transferred to trust account this quarter $8,317; allowable expenses $7,724. ND Gaming tax paid was $600.
The trust account balance showed $28, 394.
It was suggested keeping the Midsummerfest expenses to $4,000 to $5,000.
The ND gaming tax return/report was approved, as well as IRS form 990 for the previous year. The form 990 showed McClusky Merchants Association net assets as $107, 851.
 


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