Bacolod Yuhum Foundation to submit audited financial report this month

Bacolod Yuhum Foundation to submit audited financial report this month

The Bacolod Yuhum Foundation Inc., the overall organizer of the 2024 MassKara Festival, was given until March 31 to submit their audited financial report for the MassKara Festival 2023 in Bacolod City.

Acting Vice Mayor Jude Thaddeus Sayson said Wednesday, March 20, that they already ratified the memorandum of agreement (MOA) entered into by and between the city of Bacolod, represented by Mayor Alfredo Abelardo Benitez, and the Bacolod Yuhum Foundation, Inc., represented by its president, Katherine Matiling.

"They submitted partial documents, but we need the audited financial report," he said.

He added that they ratified the MOA since they were already appointed by the mayor to handle the MassKara Festival 2024.

"We ratified the contract for them to start early the planning for this year's festival because last year they were given an authority in August so it was too close to prepare for the festival in October," Sayson said.

He said that based on the report of the Bacolod Yuhum Foundation Inc., they earned at least P70 million, but their expenses reached at least P80 million and the mayor still paid for other expenses.

In the 2022 MassKara Festival, the Bacolod Yuhum Foundation Inc. earned at least P80 million, but they were short of at least P6 million, with the mayor also paying for the other expenses.

With the early approval of the MOA, Sayson said they are hopeful for a positive financial statement by the end of October considering the time given to them.

He said they earlier held a hearing with the officials of the foundation, and they promised to submit the audited financial report this month.

"The documents should be signed by their internal auditor," he added.*


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