Saturday, July 16, 2016

"City: Sit-in museum owes $933,155 in loan repayment by 2018", and defaulted on the first payment

"...The news complicates the already fragile finances of the International Civil Rights Center & Museum, which has until Friday to come up with a payment plan.

"$144,988, which was due June 30",
which means Margaret Moffett and the News and Record

is misleading the public, again

On June 24, City Manager Jim Westmoreland and Mayor Nancy Vaughan sent a memo to museum officials — a bill, of sorts, that spells out the principal and interest the museum owes taxpayers.

City auditors found $612,510 in donations that count toward the $1.5 million “forgivable” loan, Westmoreland and Vaughan wrote.

But that leaves the museum with a balance of $933,155, they wrote. The money is due in three installments through February 2018.

The first, about $145,000, was due June 30.

Which contradicts Margaret's prior assertion
as she appears to have no moral compass
as she misleads our community

“The city has not yet received payment from the museum,” Westmoreland said Friday. “We have asked for a response to our letter by July 22. The response should include either the payment and/or a proposed repayment plan.”

They missed the first payment, 
therefore defaulted on on their commitment to Greensboro's taxpayers 

Neither museum director John Swaine nor board chairwoman Deena Hayes-Greene immediately responded to questions Friday.

...The city’s contract with the museum already spells out a timeline for repayment:

$144,988, which was due June 30.

$525,445 by Feb. 20, 2017.

$262,722 by Feb. 17, 2018.

...The museum had said it received nearly $1.28 million in donations that the city should have “forgiven.”

An example: The museum listed $456,500 it received in interest payments through a complicated system of historic tax credits.

Attempted fraud upon Greensboro's taxpayers 
by employees and board members of the museum

“It is not the same as a pledge,” the museum’s response stated, “rather, it is totally outside of (the) normal course of business — rather extraordinary fundraising that will benefit the entire community for years to come.”

City auditors disagreed.

...Museum officials also asked the city to count as a “corporate gift” $100,000 in debt-forgiveness by Carolina Bank.

Again, auditors refused to count that toward the total.

Four city auditors signed the audit, which chronicles the museum’s donations to the last nickel and dime.

They refused to count, for example, an undocumented donation of $294."