Sunday, December 4, 2016

"Newcomers join Greensboro school board this month" and Say Yes Guilford

Charter Schools get to participate in Say Yes Guilford scholarships, 
as long as they put up 100% of the money
and Republicans Anita Sharpe, Pat Tillman, Wes Cashwell and Linda Welborn
haven't said a word so far

"Five new members will take seats on the Guilford County Board of Education on Dec. 13 in a dramatic shift for a board that’s featured long tenures.  ...coming just a few months after the arrival of new [Say Yes to Education backed] Superintendent Sharon Contreras.

...Republican Anita Sharpe defeated Democrat Jeff Belton on Nov. 8, making her the sole challenger to win against a current board member in the general election this round.

What is Anita Sharpe's position 
on Say Yes Guilford's unsustainable math?

...Democrat T. Dianne Bellamy-Small, a former Greensboro councilwoman, took out incumbent Keith McCullough in the March Democratic primary.

Does Bellamy-Small know Say Yes Guilford 
is paying out more to white students than black?

Democrat Byron Gladden, Republican Pat Tillman and Republican Wes Cashwell beat other outsiders in their races, after some current members chose not to run again.

Does Pat Tillman and Wes Cashwell know 
Guilford County Charter Schools will have to pay 100% of the costs
for Say Yes scholorships for their student graduates,
which still hasn't been reported by the News and Record?

The new group will join returning members Republican Linda Welborn and Democrats Alan Duncan, Darlene Garrett and Deena Hayes-Greene..."

As confirmed by Donnie Turlington, Skip Moore and Kevin Gray, 
the Say Yes Guilford endowment is currently under $11,000,000,
which appears to owe Say Yes National money
from: to: G Dec 1, 2016 at 5:31 PM subject: Say Yes correspondence Information Request

$1 million for the first semester, another for the second
= most likely less than $2 million per year after attrition

x 2 for the second year = $4 million

x 2 after 4 years = about $8 million per year needed over the long term.

If the endowment magically becomes $100 million,
that would be an $8 million payout per year, or 8%,
not counting administrative costs and 'wrap around services'.

Say Yes has pledges of under $41 million,
and less than $11 million in hand,
with some of the money designated for wrap around services
Former City of Greensboro Assistant Manager Mary Vigue used her position to personally profit via Say Yes to Education and Say Yes Guilford

Say Yes Guilford's money is being managed by one entity, 
with management profits split between the High Point and Greensboro foundations

The foundations need to declare they are acting as fiduciaries
as well as the sole money manager,
and the total fees including transaction costs should be disclosed

An email sent to Say Yes to Education folks;

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.

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.

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.

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.

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.
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.

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