Wednesday, November 23, 2016

A comment awaiting moderation at Triad City Beat's "Say Yes says maybe to undocumented Guilford students"

"Steve Sumerford chairs the board at the Cone Health Foundation, which contributed $1 million to the endowment."

Jordan Green

More like pledged $1 million over a series of years, 
along with the other big pledges like Duke Energy's, 
which over the long term makes the endowment unsustainable.

"[Kevin Gray, ...holds a position on the scholarship board as the executive director of the Weaver Foundation] ...whose foundation contributed $1.25 million to the endowment with an agreement that some of the money could cover operational expenses.

Why isn't Say Yes to Education, 
who pledged $15 million to "cover operational expenses"
covering operating expenses, and letting local money go to scholarships?

...the High Point Community Foundation and the Cone Health Foundation made significant contributions to establish an endowment. Many of those funders, who now have a voice in Say Yes’ governance through positions on the scholarship board and operating committee..."

Jordan Green

Jordan, do you realize the High Point Community Foundation 
and the Community Foundation of Greater Greensboro 
are making money from the endowment?

"Meredith Archie, a spokesperson for Duke Energy, noted that the energy giant’s $1 million grant to Say Yes-Guilford is specifically earmarked for “wrap-around services” like tutoring, mentoring, health, social services and after-school activities that are available to all students in the Guilford County Schools system..."

Jordan Green

It's a grant over a series of years Jordan.  

The money hasn't all been granted yet.

It's news Duke Energy's money isn't going to scholarships.  

So how much of the money pledged to Say Yes to Education-Guilford 
isn't going to scholarships?

"Say Yes-Guilford has raised $41 million towards a goal of $70 million set for the endowment."

Jordan Green

No they have not.  

Skip Moore told the operating committee at the last meeting 
Say Yes Guilford actually has a little over $10 million in hand.  

The rest is pledged over 4 to 6 years.

"Considering that the endowment provides scholarship funding through an interest yield of roughly 4 percent per year..."

Jordan Green

If Say Yes has about $10 million in hand, 
are they only paying out about $400,000 this year?

https://triad-city-beat.com/2016/11/say-yes-says-maybe-undocumented-guilford-students/#comment-70066
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Tuesday, November 15, 2016; An email sent to Say Yes to Education folks this morning;

Skip said there is a little more than $10 million in hand and a little under $41 million pledged.

Correct me if I didn't hear that, but that's what it sounded like Moore said, but didn't show up in the News and Record article. I told Donnie that's what I was operating on unless I heard different, and I haven't.

Still haven't 

Walker Sanders told me the Community Foundation of Greater Greensboro was charging its normal rates to manage the money

That's inexcusable. Skimming like that off of money meant for poor kids.

Jordan Green and Triad City Beat don't seem to have any problem
with Greensboro and High Point Community Foundation's 
skimming money off an endowment set up to fund scholorships 
for Guilford County's students, with Skip Moore's blessings

One of the speakers told the audience Guilford County was the third Chapter which doesn't appear to be true

I heard about 5 times the money is coming in over the next 4 to 6 years.

Say Yes has misled the public by giving the impression it's got the full $41 million.

And Jordan Green repeated the lie

Still don't have any numbers on how much was given out.

If Say Yes gives $2 million, $1,000 each for the whole school year, they just gave out 20% of the money in hand.

Leaves $8 million.

At 0% return, another $7.5 million comes in ($30 million / 4) next year, but the students double.

Say Yes pays out $4 million on the new class on top of the first one, leaves about $11.5 million, not counting what the 'foundations' and whomever else takes out of the pot.

Same math plus another class the next year with 2,000 more scholarships leaves about $13 million.

Same math plus another class the full 4 classes going at the same time leaves about $12.5 million.

See the problem? If another $7.5 million doesn't come in the next year, Say Yes is left with $4.5 million, which wouldn't cover the following year.

If a whole lot of new money doesn't come in over a long period of time, Say Yes runs out of money in less than 10 years, so don't go around telling grade school kids their college tuition is going to be covered, because it's probably not, which is most likely how all those other Say Yes chapters went under, and why the state stepped in for Syracuse.

So good luck to undocumented students, 
as Say Yes doesn't appear to be able to fund the scholorships
of the students they have already said would get them

It's time for some adults to step up and tell the truth, which Skip and friends have been hiding for more than a year.

It starts with actual numbers to crunch.
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Now the time has come to get some answers from Say Yes now that the operating committee etc... is in place, and most know what the issues are.

Then the answers need to be reported by our local news outlets, which has a 80/20 chance of not happening.

Which Jordan Green and Triad City Beat just proved

Triad City Beat Lying to their readers and Guilford County's rising seniors about Say Yes to Education

http://greensboroperformingarts.blogspot.com/2015/12/triad-city-beat-lying-to-their-readers.html

I handed out about 100 fliers of this at the meeting; "Say Yes to Education and Say Yes Guilford Unanswered Questions"

http://greensboroperformingarts.blogspot.com/2016/11/i-handed-out-about-100-fliers-of-this.html

Hey George,

I haven’t had a chance to write about Say Yes yet really, 
but these are good questions. 

I saved them in my email news folder for when I can cover it. 

Sorry for the delayed response,

Eric Ginsburg
Triad City Beat associate editor
Mon, Oct 26, 2015 at 9:34 PM

Mary Anne Schmitt-Carey; President at Say Yes to Education, Inc.; Professional Fundraising Organization

http://greensboroperformingarts.blogspot.com/2015/10/mary-anne-schmitt-carey-president-at.html

Say Yes to Education Independent Contractor Compensation the News and Record's Susan Ladd failed to report

http://greensboroperformingarts.blogspot.com/2015/10/say-yes-to-education-independent.html

Say Yes to Education, Inc. (Say Yes), and Say Yes Guilford appears to be a legal Ponzi scheme and/or a Racket

http://greensboroperformingarts.blogspot.com/2015/11/say-yes-to-education-inc-say-yes-and.html

How the Triad Business Journal got played for chumps by Say Yes to Education and Say Yes Guilford

http://greensboroperformingarts.blogspot.com/2015/11/how-triad-business-journals-reporter.html

City of Greensboro Public Information Request on Say Yes to Education; "Say Yes to Education designee on the Operating Committee, Scholarship Board and Community Leadership Council"

http://greensboroperformingarts.blogspot.com/2016/08/city-of-greensboro-public-information_23.html

Ponzi? From Say Yes to Education's 7/1/2014 to 6/30/2015 IRS 990 tax form

http://greensboroperformingarts.blogspot.com/2016/10/from-say-yes-to-educations-712014-to.html

Dear Donnie Turlington and Mary Vigue; Please explain why Say Yes to Education's money is in Central America

http://greensboroperformingarts.blogspot.com/2016/02/dear-donnie-turlington-and-mary-vigue.html
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