Thursday, September 3, 2015
BACK TO SCHOOL 101: Coming Monday, September 7 — The Complete Timeline — Exclusively From Miss Fortune!
2007-2012 At the beginning of each fiscal year, Steven Ingersoll advances (generally in a lump sum), his annual Smart Schools Management/Grand Traverse Academy management fee. Although based on a Board-approved preliminary budget figure, Ingersoll’s management fees are later adjusted downward after actual budgets are calculated. However, Ingersoll withholds the difference each year during this six-year period and does not return the money to the Academy.
Instead, Ingersoll books amounts the owed to the Grand Traverse Academy as “accounts receivable” from Smart Schools Management, and Ingersoll’s balance grows from $538,864 on June 30, 2007 to $3,551,328 by June 30, 2012. (The Academy makes no attempt to demand repayment from Ingersoll until 2013, although official court records confirm Ingersoll does make a $704,000 payment to the Academy on June 30, 2011 using money diverted from a $1.8 million dollar Chemical Bank loan he obtained for renovation of his Bay City Academy.)
Coming Labor Day, the definitive timeline of the Grand Traverse Academy's massive financial misappropriation scandal, based on Miss Fortune's exclusive 18-month investigation.
All the details, conflicting statements, secrets...and lies!