The opening of the 59th Cork Film Festival has been overshadowed thanks to the news that last year's edition incurred extensive financial losses of over €130,000, with an accumulated loss of €171,190.
It's believed that the money troubles were brought on partially, at least, by the conclusion of the sponsorship agreement between the festival's organisers and the alcohol company Corona. The deal with the drinks company is understood to have been worth up to €90,000 annually to the festival.
However, according to the financial statement covering the festival's difficulties, it's still considered to have the backing of Cork City Council, the Arts Council, as well as its bankers.
Former festival CEO Mick Hannigan brought attention to the body's problems by publicising the financial statement detailing the losses earlier this week on his Facebook page.
As part of the posting, Mr Hannigan wrote: "In 2012, with Úna Feely (responsible for the programme) and myself, (as CEO, responsible for all financial matters) the company made an operating surplus of €9,065. Indeed surpluses were recorded each and every year I served as CEO of Cork Film Festival.
"In February 2012 we were dismissed on the basis of "no money available" or "the Arts Council demanded change" depending on which statement you read.
"There has certainly been change. In 2013 Cork Film Festival recorded a loss of €136,211.
"This is quite scandalous and raises serious questions regarding the governance of the company."
Despite these losses, the festival still receives full backing from the Arts Council.
Mr Hannigan had previously served as CEO of the Cork Film Festival for 27 years. His dismissal was a controversial one within the industry, with notable filmmakers, such as 'Adam and Paul', director Lenny Abrahamson vowing to boycott the festival in future. He has since founded the the IndieCork film festival.
His replacement is James Mulligan, who this year is bringing the festival to nearby Middleton and Mallow.
When contacted for comment, Cork City Council's Acting Arts Officer Maeve Dineen responded saying the council doesn't "comment on the financial status of independent companies".
The festival will still continue regardless of the financial news, as the organisers are hosting a ten-day long programme with over a 180 events for the public to attend.
Although there's been controversy nationally, on the international front Irish film received a boost with the announcement that Coda, a nine-minute film featuring voice work by Brian Gleeson ('The Stag') and Orla Fitzgerald ('The Wind that Shakes the Barley'), has made it onto the shortlist for Best Short Film at the 87th Academy Awards.