After celebrating its quinceañera last year, the Los Angeles Latino International Film Festival is going to have to wait until at least 2013 for its sweet 16 party.

Known as LALIFF, the festival — one of the country’s largest Latino film showcases — is canceling this year’s planned edition in August because of a fundraising shortfall.

Marlene L. Dermer, the fesival’s co-founder and executive director, said the decision was announced to the festival’s board of directors a week ago. The annual festival is produced by the nonprofit Los Angeles Film Institute.

“We don’t like to call it canceled,” Dermer said. “We are regrouping. But we will still be trying to do some special anniversary screenings, a day of shorts, some membership and networking events to keep our audience happy. We have been getting a lot of sad responses.”

Founded in 1997, the festival began with a slate of 42 films that drew about 5,000 attendees. Last year, the festival screened 130 features, documentaries and shorts, hosted 10 panels and workshops and attracted more than 27,000 people.

“Every year we’ve managed to be better. We wanted to keep that going,” Dermer said. “It’s been 15 years amid all sorts of challenges.”

Read more at the LA Times