-ONE INGERSOLL TAX ACCOUNTANT IS DEAD, THE OTHER ONE'S NOT TALKING
-INGERSOLL ALLEGEDLY TRANSFERRED $2,638,500 OUT OF GRAND TRAVERSE ACADEMY BANK ACCOUNTS TO HIS PERSONAL ACCOUNTS DURING 2009 and 2010 TAX YEARS; OFFICIAL COURT DOCUMENTS FOLLOW!
With less than one month to go until the original December 2 start of Steven Ingersoll's federal fraud trial, the Grand Traverse Academy Board meets this Friday, November 7, at 12:30pm to answer questions about the charter school's missing millions...and that $704,000 cash infusion!
And now Steve Ingersoll's asked for a second trial delay--to prepare his defense and "minimize surprise at his trial".
With the release of Ingersoll's "bill of particulars" on Halloween, Miss Fortune has learned even more shocking financial allegations: Ingersoll's unreported income for tax year 2009 was nearly $600,000 and exceeded $1,500,000 in tax year 2010.
Miss Fortune has all the details, including a record of Ingersoll's transfers of the Grand Traverse Academy's money to his personal bank accounts!
MONEY CHANGES EVERYTHING!
The government alleges Ingersoll moved millions from the Grand Traverse Academy, with the money traveling through his Smart Schools Management, Inc. account and passing through Smart Schools, Inc. before landing in his personal bank accounts.
Here's how the money moved from the State of Michigan and the federal government before being hoovered up by Steve Ingersoll: the funds in the referenced Smart Schools Management (SSM) and Smart Schools, Inc. (SSI) are approximately 97 percent of the per pupil funding provided by the State of Michigan on behalf of the students enrolled at the Grand Traverse Academy (GTA).
The remaining 3 percent of the per pupil funds goes to the GTA's authorizer, Lake Superior State University, for what is comically referred to in the GTA's charter contract as "oversight".
A LITTLE FOR ME...A LITTLE MORE FOR ME...AND (WHOA!) A LOT MORE FOR ME!
In the superseding indictment, the government alleges Steven Ingersoll controlled all of the GTA, SSM and SSI accounts at issue, and is the sole shareholder of SSI.
The government alleges that Ingersoll's Forms 1040 for the 2009 and 2010 tax years are false as a result of his failure to "report the income that resulted from the transactions detailed in the attachments to this bill of particulars."
The subsequent computations on those personal income tax returns are false to the extent that "those computations are altered by Steven Ingersoll’s failure to provide truthful information regarding his total income on line 22 of his 2009 and 2010 tax returns."
In the October 31 bill of particulars, the government alleges that transfers by Ingersoll between SSM and SSI accounts in 2009 resulted in a net transfer of approximately $673,500 to SSI. (Official excerpts follow.)
transfer of approximately $1,965,000 to SSI.
A closer examination of tax year 2010 shows the gross amounts the government alleges Ingersoll transferred.
According to the October 31 bill of particulars, Steven Ingersoll’s unreported income for tax year 2009 is approximately $586,643.93. For tax year 2010, Steven Ingersoll’s unreported income is approximately $1,536,502.
Ingersoll's November 3 motion for a new trial date reveals the request is in part due to Ingersoll's "need to hire a new set of tax accountants to review the 2009 and 2010 tax returns since the accountant who prepared the 2009 return is dead and the accountant who prepared the 2010 return was not cooperating."
And the dog ate my homework.
Miss Fortune, after attempting to curate the floating theories swirling around the Grand Traverse Academy financial fiasco, wonders what bullshit excuses Mark Noss and Brad Habermehl will use this Friday in their futile attempts to beguile those in attendance in Onyx 1 at 12:30pm
Any bets on whether or not Noss will get called to testify at Ingersoll's trial?
You know where my money's at!