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Article: Ice Palace nets a cool $630,000; But planners say the money won't go to cover the St. Paul Winter Carnival's $50,000 loss.(NEWS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- August 27, 2004
- Author:
CopyrightCOPYRIGHT 2004 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Tony Kennedy; Staff Writer
The president of the St. Paul Winter Carnival said Thursday that he won't use Ice Palace profits to cover a $50,000 operating loss the carnival suffered this year.
Bob Viking, president of the St. Paul Festival and Heritage Foundation, the group that runs the Winter Carnival, said there is consensus among the organization's board of directors that the $630,000 profit turned by the 2004 Ice Palace be invested in such a way that the principal would be spent only to cover a financial catastrophe.
As Viking and board members of the Festival and Heritage Foundation mull investment and disbursement policies for the ...