[box type=”default” size=”large”] Bulk of revenues comes from diamond and platinum sponsors [/box]
The Philippine American Cultural Center of Michigan (PACCM) reported that the fund-raising Valentine’s Ball it hosted on Feb. 7, 2015 at the Somerset Inn in Troy has yielded a record net income of $38,000.
In a report dated Feb. 14, 2015, PACCM Executive Director Tony Kho stated that collected funds totaled $56,245, receivables amounted $5,160 and gross revenues stood at $61,000.
The bulk (at least $30,000) of the revenues, it was learned, came from corporate and individual sponsors. The lone diamond sponsor (donation is at least $10,000) was the family of Dr. Ernestina Mac.
In the same report, it was stated that the expenses amounted to $23,218 and net income totaled $38,186.79. The payment for the venue and food represented the biggest expense which was $17,000.
Kho said the net income is a record as this is the first time in the history of the PACCM’s Valentine Ball that the annual event raised such a big amount.
Kho, quoting PACCM President Becky Tungol, said the unprecedented net income indicates the overwhelming support by the community for the programs of PACCM, which serves as the hub of the Filipino-American community in Michigan.
Tungol had earlier thanked the corporate and individual sponsors as well as the table sponsors for their continuing support for the center.
She also expressed her gratitude to Loida Moses and Willie Dechavez, who co-chaired the overall event committee, for their commitment and hard work.