Wednesday, April 27, 2016

CUPCAKES, BULLDOZERS, BUDGETS & BUILDING PERMITS: Grand Traverse Academy Board's Financial Wobble

This morning Stanley Skopek, of Michigan's Bureau of Construction Codes, responding to my email inquiry about the status of the Grand Traverse Academy's proposed expansion, stated that a “plan review was completed for that name but no records of a permit yet.” 

Although the 20-year lease resolution was signed, sealed and delivered during a "special meeting" by four board members (left) on February 2, 2016, it appears the financial scramble has not ended.

In its April 25 meeting, the Academy board reviewed financials and approved a budget resolution.

Year-to-date projections were adjusted, with revised documents shipped off to Patrick Sweeney at the Academy's accounting firm, Rochester-based Crosskey Lanni. Pending Sweeney's review, the financials will be delivered to the hot hands of a loan officer at Traverse City State Bank.

Here are the numbers:

Aside from the obvious sloppiness of "FY16 (11-20-12)", the budget document is confusing, especially when compared to a more formal budget vs. actual for the first two quarters of the fiscal year ending June 30, 2016.

As you can see, the revenue figure was adjusted downward, requiring revisions in budget line items.

Looking at this year's numbers, it's hard to see how another $360,000 could be squeezed out of next year's to make lease payments — even with an increase in student population.

So why did the school go forward with a March 18 ceremonial ground breaking, three days after a whistle blower's email revealed to the entire Grand Traverse Academy board and key charter office personnel at Lake Superior State University the $12,500 monthly wire transfers Noss had made to Steven Ingersoll, beginning April 2014?

My guess? 

Those Oreo cookie-dirt encrusted cupcakes weren't going to eat themselves!

No comments:

Post a Comment