Wednesday, November 26, 2014

Civil Rights Museum Financials Worse Than Reported

Interestingly John Hammer reported today in his article Sit-in Museum’s Financial Straits Not As Dire As Reported:

"The International Civil Rights Center & Museum (ICRCM) isn’t $25.9 million in debt.  ICRCM board member and attorney Doug Harris planned to send the News & Record a letter this week promising legal action if the News & Record doesn’t retract the statement that the museum is $25.9 million in debt and apologize.

It is a little hard to believe that the N&R would write that the museum is $25.9 million in debt when that is based on a complete and utter misunderstanding of federal tax credits and how they work.

To be honest, I’m as confused as anybody about tax credits.  However, I do know that it isn’t like a mortgage that you get from the bank.  A tax credit also is not the same as a tax deduction.  If you owe $1 million in federal taxes and you buy a $1 million tax credit, then you don’t pay any taxes."

But like John said, he's confused. And why wouldn't he be when everyone with any real knowledge of what is actually going on is insistent on keeping everything a secret, keeping you, me, John and everyone else in the dark.

And as it turns out, the International Civil Rights Center and Museum isn't $25.9 Million Dollars in debt. Nope, the ICRCM is $29.5 Million Dollars in debt as of October 1, 2014.

Attendance and revenue are dropping, not going up.

The ICRCM owes $3.14 Million Dollars to their landlord, Museum Tenant Llc. The value of the building they occupy is $1.9 Million Dollars and change. How could that be possible? Who is their landlord? Skip Alston and Earl Jones.

How is it I happen to know these things?

The ICRCM Financial Records. That's how. Everything you've been told was a lie. Everything.



Madam Mayor?

You've all been turkeys for too long.