Festival Funds Dispute

Officials at Daytona State College in Daytona Beach, Fla., have reportedly cut ties with a local nonprofit foundation because of college money spent on the American Music Festival Sept. 1-5.

The event, hosted by the Community Cultural Foundation, featured concerts at various venues in the city and a lineup including Usher, Jonas Brothers, Buddy Guy with Taj Mahal, and Tony Bennett.

The Daytona Beach News-Journal reported Oct. 22 the college’s board of trustees voted to end its contract with CCF because of a $1.4 million loan made to the nonprofit by DSC President Ken Sharples to cover the costs for the Labor Day weekend festival.

The board of trustees claim they didn’t know about the loan ahead of time and want to know how that money will be repaid since festival ticket sales only offset so much. The college reportedly faces an $800,000 deficit as a result, according to the paper.

The nonprofit, which has offices on campus, is also said to be behind in collecting about $700,00 in pledges from other financial concerns.

The News-Journal said CCF Chairman Jeff Feasal has asked the trustees for 90 days to work out a detailed plan to repay the college.