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Saturday, October 22, 2016

SECRETS & LIES...AND MORE LIES: Did Steven Ingersoll Hide A Secret, Six-Figure Payment From The IRS? $332,000 Payment Made In 2013 By Grand Traverse Academy To Ingersoll's Smart Schools Management Doesn't Appear On Financial Documents Ingersoll Provided To Federal Court!

Back in June 2015, I reviewed several previously secret Grand Traverse Academy financial documents, including a stunning November 25, 2013 letter from Doug Bishop, the Academy's former attorney, to Michigan Department of Education auditor John Brooks. 

The letter revealed that although the Academy had decided it would not pay Steven Ingersoll's Smart Schools Management, Inc. its 2013/2014 management fee, there was one exception. 

The charter school's board of directors, headed by longtime Ingersoll crony Mark Noss, publicly proclaimed in the Academy's 2013 financial statement its decision to cease paying Ingersoll any management fees for three years. 

Instead, the board would credit Ingersoll's future management fees for the remaining three years of his existing contract against his outstanding $2.38 million dollar “prepaid expense” balance until it was reduced to zero. 

But the board never revealed publicly that it had secretly authorized a cash payment of $332,000 to Ingersoll to cover “pre-obligated, annual debt service of SSM.”  

Doug Bishop detailed that arrangement, which was not disclosed in the Grand Traverse Academy’s 2013/14 financial audit, in this letter to Brooks. 

As you can see, the letter was sent also to then board president Mark Noss.

But here's the thing: it appears that Ingersoll didn't include that payment in July 5, 2016 financial disclosures filed in his federal tax fraud case.

As you can see above, Ingersoll disclosed $300,000 income from Smart Schools Incorporated in 2013 and $246,250 in 2014.

So did he declare that $332,000...or not?

1 comment:

  1. Of course it is not reported. Ingersoll telling the truth? Not possible.