ROCKLAND — The COVID-19 pandemic led to substantial losses for the Rockland Festival Corporation, the non-profit organization’s latest federal income tax filing shows.

The Festival saw expenses outpace its revenues by nearly $111,000 in 2020, according to the IRS tax form 990. The 2021 filing has yet to be finalized, according to the Festival’s Treasurer Dan Flaherty.

The Festival provided its tax filing to the newspaper. The tax form 990s are public documents once filed with the Internal Revenue Service.

The issue of the Festival’s finances was raised during the City Council’s debate on whether to waive fees for use of Harbor, Buoy, and Mildred Merrill parks on the Rockland waterfront to hold this year’s annual summer event that draws tens of thousands of visitors to the community.

This year’s Festival is scheduled for Wednesday, Aug. 3 through Sunday, Aug. 7.

The Council approved the waiver at its May 9 meeting. The amount of fees agreed to be waived total about $16,500. The Festival, however, will pay for public safety coverage.

The Festival is not charging admission to the 2022 event which is the 75th anniversary of the annual summer gala. The Festival has been canceled the past two years because of the COVID-19 pandemic.

The tax filing for calendar year 2020 shows the Festival had total revenues of only $9, 265. This was down from 2019 when revenues totaled $370,232.

Expenses during 2020 totaled $119,967, also down from 2019 when expenses totaled $417,353.

This resulted in a net loss of $110,702 during 2020.

There was also a much smaller net loss of $47,121 in 2019, according to that year’s tax filing. There was a loss of $1,378 in 2018. In 2017, revenues exceeded expenses by $79,078.

For the most recent tax filing in 2020, expenses included $23,250 for grants or assistance to other organizations. The Festival makes contributions to the city and local organizations. In 2019, those contributions totaled $31,850.

Also in 2020, depreciation totaled $29,411 on its building and equipment. Advertising and promotion totaled $26,606. The decision to cancel the 2020 Festival was announced on April 29 as the pandemic worsened in the state. During 2020, insurance cost another $10,318, dues and subscriptions $8,522, occupancy $5,934, prizes and awards $3,612, bank charges $3,064, and postage and shipping $2,622.

In 2020, the Festival’s cash balance went from $148,707 at the start of the year and ended at $20,649. Savings and temporary cash investments went from $229,898 to $237,778. The value of its buildings and equipment minus depreciation totaled $218,912.