(Or in our case)... WHERE'S THE INTEREST?
Remember our earlier blog......
"All funds for the Youth Centre project since inception have been held in a separate interest bearing project account." (Frank Anderson letter to Team Shelburne June 19,2007)
The revenue/expense comparison in my earlier blog showed interest accruing to the account to the end of July 2007 in column two.
Question .... Where is the interest accruing since then and why hasn't it been reported by SWSDA....
If you go back to that earlier blog.... You will note in column four of our earlier expenses and revenue posting to the end of March 2008 that there was no increase in interest earned by the funds between July31, 2007 and March 31, 2008..... and that's our beef!
Even more Puzzling! Why hasn't Team Shelburne asked about the missing interest on this pile of money? (791,000 x 7% x 2/3 yr = +/- $36,500 in interest missing.)
Maybe taxpayers need to ask the question..... what do you think?
Ombudsman Act
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*****TRANSFORMING CLIENTS INTO CITIZENS******
CONCERNED CITIZENS PETITION WORKS!
It took a while but the petition from Concerned Citizens of Shelburne
app...
14 years ago
8 comments:
Fr: Puzzled Shelb. Co. Ratepayer
Since Frank Anderson stated before Justice Hood that Team Shelburne isn't recognized as a "legal entity", it seems he has ignored the court order, and the School for Boys fund which had already been absorbed into other SWSDA/YAIC projects, and SWSDA's LOC, never were put into a separate interest bearing account - 0 balance in account = 0 interest accrued = creative bookkeeping in other SWSDA/YAIC projects.
Will the Judge, in the Cayer vs. SWSDA Contempt of Court case, 23 Oct 09, have jurisdiction to order a forensic audit of SWSDA's books in regards to possible missing funds and their interest? That would solve the mystery of the missing School for Boys fund and its interest, and many other issues...
Is it also possible this CEO is spinning stories of possible liability to all members of Team Shelburne and directors of SWSDA in order to silence them on this issue? I can't think of another plausible scenario.
Frank said the Youth Centre money has been "dissipated" - Oxford Definition: squander or fritter away.
Find where those receipts were posted from his frequent late night bouts at the Triangle Ale House, the Casino, Rudder's, Rodd Grand, and best of all the yearly membership and trips to the Global Corenet meetings in Las Vegas, etc.
You'll probably find them in Project: Slush Fund for Frank.
from/igottafindmeajoblikethat/
Maybe at this weeks meeting Embree and Redding will have the b-lls to ask some heavy questions for a change.Is Redding volunteering his time on this board?What a joke this is on the people in Shelb Co.This changes my Tory vote.
Richard Hurlburt, in his last correspondence to Team Shelburne (see Team Shelburne minutes), informs them he is not going to discuss any funds that have been set aside until a ruling on the Contempt Charges against SWSDA has been made.
In the meantime, my discussion group is wondering if SWSDA is following General Accepted Accounting Principles GAAP, or the accounting method used by our current Nova Scotia government. Surely Frank wouldn't be cooking the books would he? As a BMO banker for over fifteen years we wonder if he ever worked in the bank's audit department - wouldn't that be interesting info now...
This is all pretty confusing, but one thing that jumps out at me is the connection between Frank Anderson and Ralston MacDonnell and several million dollars.. In my opinion this could be considered a criminal conspiracy to defraud, the question is will anyone investigate this matter. Maybe we can form a citizen's committee of inquiry,{I'll provide the stake} I am not sure anyone else is going to do anything.
Our 'Living in the Sticks' discussion group still can't figure how the Youth Centre property was sold to MacDonnell for $550,000. The estimated value was over $20 million, and if it had sold for $10 million it would have been a "steal".
Considering MacDonnell made thousands from the "preparation for sale" of the land before he even bought it, what was SWSDA's Board of Directors thinking when they sold it to him for a pittance of its true value?
Is there a possibility there were manoeuvres to hide the actual purchase price of this deal between SWSDA and MacDonnell, and a possible third party? Maybe we should be asking ourselves where the rest of the money is.
signed/thegroupofseven/
Re: 18 May 09, 2:28 posting
We just got back to the blogspot and see someone else is on our wavelength. There is something in this that isn't making sense - the whole affair reeks of wrongdoing.
signed/groupofseven/
The inept board of directors won't have to use their fingers and toes anymore, Wolfram/Alpha will help them do the math now. What a useless lot they have been over the years. jlr
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