}

Saturday, June 24, 2017

EXCLUSIVE! Traverse City State Bank/Smart Schools Management Line Of Credit Analysis Reveals Key Details; According To Sr. VP Dan Stahl, Line Of Credit Balance Paid Down By Ingersoll To $0 March 2011. By February 2012, It Was $989,825! Under Oath, Ingersoll Asserted Between May-June 2011 He Drew $756,000 For Bay City Academy Renovation! (Will Someone Please Tell Me Why A Personal Obligation Should Be Shouldered By Taxpayers?)

“This line of credit has been utilized to also support cash flow. The line has been used as agreed, was at $0 balance for 2 months in March-May 2011. Retirement of the majority of this line will occur from a $900,000 purchase of brownfield redevelopment tax credits, currently expected to be funding mid March. The purchase was expected to close in January, hence the extension of the line maturity in November 2011. However, the purchase was held up by the state. Upon paydown, the line need will be reduced to $500K, as mutually agreed between borrower and bank going forward, as enrollment stabilizes for GTA and interim cash flow needs level off. GTA will also be requesting the July 2012 state aid anticipation note of about $1.4 million from TCSB. This would be the 5th facility of this type provided to the school by us over the years.”

Traverse City State Bank Line of Credit Renewal Analysis
Smart Schools Management, Inc.
February 27, 2012

WILL MARK NOSS PULL A TAKATA, AND FILE FOR BANKRUPTCY?

Why would Mark Noss agree to personally assume the obligation to repay Steven Ingersoll's nearly $1,000,000 Traverse City State Bank/Smart Schools Management business line of credit debt before he was selected to manage the Grand Traverse Academy...and before Full Spectrum Management legally existed? 

What did Steven Ingersoll know...that he knew Noss would never reveal?
On Monday, June 26, the previously untold story of Steven Ingersoll's line of credit, told in Ingersoll's own words: 

“During the construction of Grand Traverse Academy – or of Bay City – of the Madison Arts project, I needed to put money into that project in order to get reimbursement from the bank. I needed sources for that money. I used my line of credit at Traverse City State Bank. If you look at the bank statement at Traverse City State Bank the – I had a million dollars available. I drew $756,000 from that line of credit from March of ’11 to June of ’11. I sent $752,000 of that to Roy Bradley and the bank finally blessed the work that was done.…I drew money off that line of credit and moved it from Smart Schools to me, to other LLCs that were involved in the effort to get Bay City done.” 

Friday, June 23, 2017

IT'S FIVE O'CLOCK SOMEWHERE: If I Were You, I'd Take A Permanent Vacation!


The Grand Traverse Academy board voted today to cut ties with Mark Noss and his Full Spectrum Management firm; fortunate son-in-law collapses in tears.

More updates to follow.

GRAND TRAVERSE ACADEMY BOARD TRIES (AND FAILS) TO SHIRK RESPONSIBILITY FOR MOUNTING FINANCIAL MORASS: What About That $5.0 Million Full Spectrum Management 401(k)...Under Management By Mark Noss' Brother? (Hey, Those $895,000 Florida Condos Don't Grow On Trees!)



“Board members earlier this year collected bids from several management companies as tensions between Noss and the school board continued to grow. 

Werth repeatedly questioned Noss’ competency and noted GTA has for years been overpaying thousands of dollars for his services. Noss’ “self-serving” position paired with his threats to sue the school for past debt inherited by imprisoned school founder Steven Ingersoll raised additional concerns about his financial decisions, Werth previously said. 

Noss repeatedly declined to speak to a Record-Eagle reporter about the accusations.” 

Left out of the public discussion of the purported parting of ways between the Grand Traverse Academy and Mark Noss and his Full Specrtum Management is the 401(K) plan under management by Luke Noss.

Oh, you didn't know that?

The most recent Department of Labor Form 5500, Annual Return/Report of Annual Benefit Plan, filed on June 14, 2017 includes audited financial statements — and reveals nearly $80,000 in delinquent participation contributions, with Noss delaying the transmission of employee 401(k) contributions long past the maximum 15 business day period.

Hmmm?


Meaningful 401(k) fee data is hard to come by. 


Required publicly available filings – most notably the Form 5500 – provide only snippets of fee data. And 401(k) providers are of little help as few disclose fees online or in published documents. 

Even worse, plan fees are often a tangle of 'direct' fees from employees and sponsors and 'indirect' fees that come from certain investment providers. 

Following the money is a difficult job even for those willing to invest the time and energy to do so. 

The United States Labor Department’s so-called 401(k) fee disclosure rule went into effect five years ago, in July 2012. 

Under that rule, plan administrators are required to mail you a quarterly statement showing your investments’ rates of returns, investment-related fees, and expenses, including any amounts the plan deducted from your account to cover administrative expenses. 

The day-to-day operation of a 401(k) plan involves expenses for basic administrative services--such as plan record keeping, accounting, legal and trustee services. 

In some cases, these plan-administration expenses are covered by investment fees deducted from investment returns. In other cases, these fees are a separate charge borne by the employer or charged directly against the assets of the plan. 

So, at a minimum, plan participants should not be lulled into thinking that all they are paying for their 401(k) is plan administration fees. 

Wall Street is a nice place to work, but why live in lower Manhattan when there's so much cheddar in Northern Michigan?

Naples, Florida...here I come.

Thursday, June 22, 2017

SAFE, LOVED, AND LEARNING? Character Education...Or Education By Characters?

“SNAPPED” IN THE SCHOOLYARD? “A staff member was being accused by a parent of allegedly dragging a student into the school from the playground,” GTA Superintendent Susan Dameron wrote. “The academy is in the process of a thorough investigation into these allegations.”

The Grand Traverse County Sheriff's department is investigating an allegation by the parent of a GTA student that a “staff member” dragged the student, who reportedly refused to leave the playground, back into the Traverse City charter school.

“Hell no, I won’t go?”