Festival still waiting on financials

The South Carolina Peach Festival will end 2007 with no idea how much money it made from the 2007 event.

The Peach Festival made $16,000 in profits in 2006 even with the absence of a country music concert and a 2-day tractor pull. The festival is waiting on Gaffney accountant Jim Cudd to finish his review of the 2007 financial statements.

The festival board of governors will meet Jan. 14 at 5:30 p.m. at the Cherokee County Chamber of Commerce.

Festival board chairman Merv Bishop was unsure whether a financial report will be on the agenda. It has only been a month since Cudd received the financial information on the 2007 festival.

Outstanding revenues from sponsorships and a Pepsi rebate deal contributed to the festival getting a late start in handing over the festival books to Cudd, Bishop said. The festival will receive a rebate from Pepsi based on the number of cases sold during last year's 2-week event schedule.

"Our accountant is reviewing all of the financial statements," Bishop said. "I feel confident we had a good year. I just want to see it on paper so I will know for certain."

An announcement by Sunny Slope Farms in late September helped the South Carolina Peach Festival financially but cast uncertainty on the festival's immediate future.

Sunny Slope Farms reached an agreement to pay $41,300 to the Peach Festival so it could buy out the final 14 years of a long-term site lease signed in 2002. The money will compensate the festival for much of the $50,000 in site improvements that have been made so major events like concerts and a mud bog could be held at the Orchard Park site.

The festival is undergoing major changes, ranging from being held in June for the first time, to the absence of a large-venue event.

A bowling tournament and 3-on-3 basketball tournament are among the new events that could be held as part of the 32nd annual festival. A band competition, carnival, race and downtown family festival are other ideas that board members are considering.

There has been little discussion yet on a new site for next year's festival, Bishop said.

"We are looking at holding more events downtown and in places where we would not need to find a large venue," Bishop said. "The Peach Ball will hopefully become our signature event."