Rome Cinema Foundation reports profit
Ensures survival of Rome International Film festivalROME -- The Rome Cinema Foundation closed 2008 with its second consecutive profit, closing last year with €269,000 ($363,000) more than it had at the start of the year.
The foundation, which was created as the parent organization to the four-year-old Rome International Film Festival, took in €15.45 million ($20.86 million) and spent €15.29 million ($20.64 million), meaning it was a little more than 1% under budget.
Nearly 40% of the foundation's budget comes from public sources, while the remainder comes from the backing of some 144 private sponsors and from ticket sales and institutional projects.
The small profit means that the foundation successfully navigated a 180-degree change in the municipal government last year that was thought at the time to threaten its economic survival.
The foundation's main project is the four-year-old Rome festival, which will take place this year Oct. 15-23.