TheTimesTribune.com, Corbin, KY

Local News

January 16, 2014

NIBROC 2013 makes big profit

Chamber votes to continue festival for 2014

CORBIN — By Jeff Noble / Staff Writer

It was scaled down last year, but the 61st annual NIBROC Festival made a big profit.

And, the festival that’s been a part of Corbin since 1952 will go on.

That decision came after the Southern Kentucky Chamber of Commerce board voted unanimously to continue the festival.

Newly-elected Chamber President Jeannie Hensley said the announcement was made during their meeting last Friday at the chamber office in Corbin.

“There was a brief discussion about NIBROC before a motion was made to continue the festival,” Hensley said.

Total income from last year’s NIBROC Festival came up to $68,761.50. Total expenses for the festival were at $29,456.87.

That left the festival with a gross profit of $39,304.63.

Compared to the 2012 festival, the profit margin was greater in 2013.

While total revenue for NIBROC 2012 was more at $158,110.20, so were expenses, which came up to $153,285.50.

When the math was done, the 2012 festival showed a net profit of $4,824.70.

Hensley pointed out one big reason for more money made — less entertainment expense.

“One of the reasons it did make money was that we didn’t have the national entertainment. When you have that, there’s a lot of expenses involved, such as booking the bands, plus all the production and equipment involved. There’s quite a bit of expenses involved with national entertainment,” she said.

Using local and regional bands to entertain folks at the festival, expenses for entertainment at the 2013 NIBROC — getting the bands and singers, production needs like sound, lights, tent and other elements — came up to $12,618.83.

The year before, when the classic rock band Styx headlined at NIBROC, the money allocated to the festival’s bands was $85,700. A total of $34,753 was set aside for the stage, sound, lights, video and other elements. In addition, expenses for transportation, lodging and meals for the entertainers and crew were $8,940.67.

When those three entertainment expense sections for 2012 were added together, the total came to $129,393.67.

In both of those years, entertainment was the biggest expense on the NIBROC budget.

Hensley said net income totals will be made available at a later date after some outstanding invoices come in and are figured up.

NIBROC 2012 had less money to work with.

According to the profit and loss sheet for the festival, $26,000 was raised through NIBROC corporate sponsorships — the single largest income producer — while another $15,000 was raised through a donation from the Corbin Tourism and Convention Commission.

The next three largest income makers were carnival proceeds, which brought in $13,345; followed by vendor fees, which raised $7,375; and fees from the NIBROC-Just Lose It weight loss competition, which totaled $3,145.50.

As in years past, NIBROC proceeds go to programs the chamber board feels essential to the region’s economic progress. Among them are the Southeast Kentucky Regional Training Consortium, Entrepreneur Training Programs, Small Business Development Center, World Trade Center Export Initiative and the Work Ethic Program.

With NIBROC 61 a chapter in the history books, Hensley pointed out the chamber is looking ahead to this August.

She said, “We’re in the very, very early stages of planning of NIBROC. We’ll have more information as time goes on.”

Hensley — who is the Whitley County CEO of Cumberland Valley National Bank in Corbin — was named president of the Chamber during last Friday’s meeting. She succeeds Josh Curry, whose term had expired.

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