}

Friday, September 8, 2017

ROLLOVER, BEETHOVEN: Is There A Plan For The “Plan”?




















Does the Grand Academy board have a plan for the nearly $5.0 sitting in Full Spectrum Management's 401(K) Plan?

Wait, what?

According to Plan's most recent Form 5500, filed on June 14, 2017 by Mark Noss, there's $4,971,390 invested in the plan, still under management by Luke Noss.

Although it's likely that a few remaining Full Spectrum employees, along with those employed by Mark D. Noss OC LLC and Excel Institute LLC not associated with the Grand Traverse Academy, (excluding a spate of accountants ejected by the revolving door) were participants in the Plan, it appears that most participants work at the Traverse City charter school.


However, the most recent report reveals a troubling sidebar: nearly $80,000 of  “delinquent contributions” that remained uncorrected during the year ending August 31, 2016.

Supplemental financial information for the Plan included this among its notes to financial statements:

NOTE 7 – THE TIMELY REMITTANCE OF CONTRIBUTIONS 

The Plan has not complied with the Department of Labor’s regulations concerning the timely remittance of participant contributions to trusts containing assets for the Plan. During the year ended August 31, 2016, the plan had instances of noncompliance in depositing contributions to the participants’ accounts as soon as they could be reasonably segregated. Untimely remittance of participant contributions constitutes a prohibited transaction under ERISA section 406. 

If I were a Plan participant, I'd get my worry beads out...and then call my attorney!

5 comments:

  1. How awful! How many times can the same school drop the ball & mess with so many individual's future/livelihood? When will enough be enough? When will that toxic, money laundering school shut down? This constant front of ambivilance needs to stop... it's time accountability play a role, and serious legal repercussions be instituted.

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  2. Just think he was given Ingersoll 12500 a month and the teachers we're losing out on their 401 I guarantee I would bet they have it invested in their own business.
    You see the funny thing about it is that these teachers know how it is being run so maybe this is karma!

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    1. Hope the State Department of Education can investigate this and put some screws to the GTA Board and Noss/Full Spectrum (and whoever the successive management company will be). And we have to remember that Ingersoll and his infamous management company, Smart Schools, had several million dollars in the 401k before Noss took over. This all needs some serious looking into.

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    2. The Michigan Department of Education will not investigate how a pencil rolls off a crooked table and falls on the floor, let alone this issue.

      Trust me, the members of that department go to sleep at night with their heads buried under their pillows.

      They aren't investigating anything!

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  3. I hope they take all the money I don't pity them teachers OH they're good teachers, they are no more than English soil and Bradley's workers they all have bills they're selling themselves out no pity here!

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