Java Zen:Thinking Out Loud Monday, 2019.09.16
The way to make a small fortune in the commodities market is to start with a large fortune.

2007.06.06

Cherubim Foundation Update V

The 2005 990 filed by the Cherubim Foundation Board has the numbers behind the organization’s last year in business. The document is public and is available from sites like GuideStar. For 2004, Cherubim Foundation showed $72,000 raised for the entire year. The Unfounding Board of Directors had $86,000 to work with, most of that on hand around May 2005, and yet they managed to fly the organization into the ground by year’s end.

The numbers don’t look right to me. They claim $57,000 “provided as aid and education to 56 participants” ($1,018/participant). Yet the 990 for 2004 claims $35,000 “provided aid and education to 42 patients” ($833/participant). 14 more participants consumed $22,000? Their own Board meeting notes indicate they moved to cut participant benefits. And I don’t know what happened to all of Cherubim Foundation’s material assets (office equipment, furniture, sound equipment, etc.).

What the Board didn’t know is someone on the Board, or close to it, was dropping notes at my door. I don’t know who and would rather they hadn’t. I prefer whistle blowers who actually blow the whistle. Regardless, the Note Elf(s) seemed pretty accurate and corroborating the important stuff was easy enough. A good look at the books would have been most enlightening, but would have served little more than to confirm what I’ve been saying all along. The Board members listed in the 2005 990 lacked the skill and the steel to do a decent job. They and they alone own Cherubim Foundation’s failure. It’s success belongs to the rest of us.


All content copyright © 1994 - Gregory Paul Engel, All Rights Reserved. The content or any portion thereof from this web site may not be reproduced in any form whatsoever without the written consent of Gregory Paul Engel. Queries may be sent to greg dot engel at javazen dot com.

No posts for this category or search criteria.