Read the documents: Decatur Celebration files for bankruptcy | Recreation

DECATURE – Decatur Celebration, Inc. announced the end of the street festival and that its board of directors has filed for Chapter 7 bankruptcy.

“We have remained transparent about our financial difficulties during the last year of this pandemic and our efforts to minimize overhead costs. We have met with local entities in the hope of establishing a mutually beneficial partnership to extend the longevity of the pandemic. ‘organization, in vain It is therefore with a heavy heart that we announce that Decatur Celebration, Inc. has filed for Chapter 7 bankruptcy and thus produced its latest street festival, French Fried 5K and Scream Haunted House, “said the board of directors in a press release.

Court records show a hearing is scheduled for July 21.

The announcement came late Tuesday night after the Herald & Review published an article addressing questions regarding the future of the 34-year-old street festival. In this story, many vendors shared their frustration over the lack of communication regarding the future of the festival and a possible refund of money paid to reserve seats in the 2020 event which was canceled due to the pandemic of COVID-19.

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The bankruptcy petition, filed Tuesday, shows Decatur Celebration has assets totaling $ 14,480.37. Assets include $ 830.37 in a Busey Bank checking account, consumable alcohol, office furniture and equipment, as well as a variety of items used during the festival such as lighting, stands, staging, etc.

The sun has set on the Decatur Celebration. Where does he have it?

Compensation which is $ 81,133.44 of non-priority unsecured debt, 42 in total, which are debts that are not secured by collateral but take precedence over other debts under federal law. These complaints include payment for services as well as deposits paid to the organization by suppliers to secure the stand space during the 2020 event.

According to the Illinois Attorney General’s Office website, “Chapter 7 is suitable for individuals and businesses of all sizes. Businesses wishing to completely shut down or liquidate should use Chapter 7. This is usually the easiest and fastest way to pay off debt.

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IRS document of the celebration of Decatur 2019

According to the attorney general’s office, in a Chapter 7 case, state law determines what assets the debtor can keep; and a trustee sells the rest of the assets to pay off as much debt as possible.

The documents show that there was no gross income to report in 2021. It also shows gross income of $ 32,305 in 2019 and $ 982 in 2020.

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Held annually on the first full weekend of August, the seed of the Decatur celebration was planted in October 1985 when Fred Puglia approached the Decatur area visitors and convention office to organize a street fair.

The office supported the project and applied for a state grant to help fund the idea, which came at the same time as the Decatur Advantage strategic plan called for a community celebration to give city residents a positive feeling. on their hometown.

The first festival was held in 1986

This story will be updated.

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Contact Donnette Beckett at (217) 421-6983. Follow her on Twitter: @donnettebHR

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