Tri-Valley Community Foundation in deep debt, looking to close
Original post made on Jun 12, 2012
Read the full story here Web Link posted Monday, June 11, 2012, 5:00 PM
on Jun 12, 2012 at 6:53 am
This whole mess just stinks to high heavens. How an organization can have so little oversight is absolutely amazing. If this is the case with the TVCF, what do all the other cushy little non-profits have going on? If this isn't illegally diverting funds when he had access and he required board oversight to dispense funds then he is guilty of illegally diverting funds and fraud. One would think the Rotary Clubs involved would have had a red flag go up but none did?
on Jun 12, 2012 at 8:20 am
This type of thing happens all too often. When a person accepts a position on a Board of Directors they must enter knowing their full financial oversight responsibilities. That includes monthly financial reports, a two signature requirement on checks (seeing the invoice to be paid), thoughtful deliberation expenditures and a plan for monetary assets.
on Jun 19, 2012 at 7:45 am
This is an another unfortunate example of a Board of Directors more interested in the bragging rights associated with a charity than with making the necessary effort to properly oversee a charismatic executive officer. The Board heard what it wanted to hear and went on its merry way until the crash...and now they run for the exits and point fingers at their very own guy. They claim they didn't know. The Board is guilty of dereliction of duty and are responsible for the wrong-doing and mismanagement irrespective of officers and directors insurance. For Shame!