The following should clear up the mystery of the $40,584 alleged missing from MECDA's Treasury.

"To Whom It May Concern:

I served as MECDA's Treasurer for four years: 2002 - 2006. I personally submitted MECDA's Income Tax Returns for the third and fourth of those years. Per my reporting, MECDA's Income Tax Returns were NOT INTENDED to match MECDA's Revenue and Expense Statements for the following reason.

MECDA's Fiscal Year is May 1 - April 30. Between January 1 and the Fiscal Year closing on April 30, much income is received from vendors, and some also from performers and attendees, for the Cairo Carnivale which will take place in June of the next Fiscal Year.
In filing our Income Tax Returns I decided to report these monetary receipts in the Fiscal Year in which we physically received them.

However, it would not have been proper to report these advance Cairo Carnivale receipts in the Revenue and Expense Statement for the Fiscal Year prior to the Cairo Carnivale which generated them. They should be reported in the same Fiscal Year as the Cairo Carnivale which generated them.

So:
MECDA's Income Tax Returns (filed for information only, as we are Tax Exempt) for the Fiscal Year 5/1/05 - 4/30/06 show some of the advance Gross Revenue from Cairo Carnivale 2006.

MECDA's Revenue and Expense Statement for the Fiscal Year 5/1/05 - 4/30/06 shows as Revenue from Special Events the Net Revenue from Cairo Carnivale 2005 less the loss from the Anniversary Party 2005." --- Helen Kelso