Showing posts sorted by relevance for query say yes not sustainable. Sort by date Show all posts
Showing posts sorted by relevance for query say yes not sustainable. Sort by date Show all posts

Friday, March 10, 2017

Seriously? Seriously?

Some of you reading this will be happy to know that I have been diagnosed with Pulmonary Fibrosis, a fatal lung disease, after several years of symptoms.

Will I die tomorrow? Probably not, I might last for years but eventually it will kill me.

But in the meantime I'd like to point something out to you: Billy Jones and Abner Doon of EzGreensboro.com were right all along. We never lied to you. Despite the fact that local politicians, their supporters, and their cronies continually tried to paint us as insane, and to this day the local media outlets refuse to acknowledge our very existence for fear they'll be ignored and you'll know the truth. Collectively, we and others on our team, have braved death threats, law suits, hackers, threats to our livelihoods, and even whisper campaigns to bring you the truth hours, days, weeks and sometimes years before it was reported by your "trusted" local media outlets.

Take for instance, Say Yes To Education, a nationwide Ponzi scheme promising free college educations to high school students. Say Yes works by signing up school system after school system with the money from each new school system going to pay the tuitions for the students of a previous school system. You know, the very definition of a Ponzi scheme. I post, after post, after post, this being the 59th post tagged Say Yes To Education, we have pointed out the many problems with Say Yes, actually going so far as to have people go to meetings, contact elected leaders, and meet with the media... Only to have our questions pushed aside.

Here's a screen grab from Fox8 just yesterday:

And the following statement from Lisa Harris taken from the same Fox8 story. I promise you every word of it is true. I have been communicating with Ms Harris since the beginning to work to uncover this scam:

“I wasn’t surprised because of the outcomes of what we’ve heard already about Say Yes, however, we are disappointed,” said Lissa Harris, with the group Parents Supporting Parents. “From day one we've been trying to have access to the scholarship committee and gain more information on how they were making their eligibility criteria."

And do you not find it to be of concern that no one from Say Yes is able to tell you how much money they have on hand. School Board member Deena Hayes-Greene has been asking that same question. So has newly elected school board member Byron Gladden, but so far no one from Say Yes is answering.

Do you not find it strange that Say Yes banks off shore in the Caribbean and in South America in countries that refuse to report to the USA or return the money should Say Yes be found to be doing something illegal?

How many times must we report the same things over and over again?

Then there's Say Yes founder George Weiss's claims that he has continually out performed the stock markets by  many times over.

Well how about this?

Yesterday, Fox8 reported Say Yes as saying:

" it is clear that the current model is not sustainable,"


Well it just so happens that if you go to the tiny search box at the top left of this website and type in Say Yes Not Sustainable you will find the following results:


August 28, 2016: "Some parents find it hard to believe their child is now eligible for free college tuition simply because they’re graduating from a public school in Guilford County."


June 29, 2016: New Guilford County Schools Superintendent Sharon Contreras' = Say Yes to Education, Say Yes Guilford and Say Yes Syracuse = Say Yes now owns Guilford County Schools

June 1, 2016: What did Brian Cleary and Eric Ginsburg tell Joanna Rutter before she wrote' "Say Yes mobilizes for next phase of educational support"?


August 22, 2016: There hasn't been a news story out of Louisville on Say Yes to Education since; Boris hasn't called with questions yet

November 1, 2016: The News and Record's Jessie Pounds; "Guilford County Schools' seniors can sign up for Say Yes scholarships"


August 5, 2016: More on what Say Yes to Education promised Guilford County students and parents


September 22, 2016: Say Yes Guilford; "The donation will put the Say Yes total at $41 million of its required $71 million."

In every one of those posts and in others, the question of sustainability came up and yet your local leaders took the bait hook, line and sinker.


Or did they know all along and figure they could always bail it out using the new bonds?


And here's the thing. As scandal after scandal breaks in the months and years ahead, just use that tiny search box at the top left of this website and odds are good you'll find we broke the story here first. Even after I'm gone.








Saturday, April 1, 2017

On Say Yes Guilford "No Means No, But Sometimes So Does 'Say Yes'"

"The huge financial fail of Say Yes Guilford - a program established to help Guilford County families pay college tuition for high school graduates - has sent a giant shockwave through the community and left confusion, questions, finger-pointing, potential lawsuits and hostility in its wake.

Say Yes Guilford currently has $9.2 million on hand

Scott Yost

The program was presented to the community in 2015 as a "win-win" initiative: an endowment-based scholarship program that would pay the "last dollars" of the cost of college after other financial grants and loans were exhausted.

But on Thursday, March 12, ...Say Yes sent an email notification to Guilford County school officials and posted a web announcement for disappointed parents and community contributors that stated that the Say Yes Guilford program was financially unsustainable.

...The group had projected about $900,000 in payouts needed for the first year of operation - the 2016-2017 school year - but, instead, the actual cost of the first year totaled $6.1 million, nearly seven times more than expected.

Say Yes Guilford currently has $9.2 million on hand

Scott Yost

...instead of an expected needed endowment of $70 million, the program required about $550 million.
...the Say Yes statement reads; "While local and national leaders worked in good faith to create a scholarship program in the fall of 2015 that would be available to the class of 2016, the Scholarship Board's review has determined that the current formulas for scholarship awards are not sustainable. 

...with $5.2 million more costs than anticipated in the first year, it's not clear where that money is coming from.  Say Yes has been very secretive about its financial situation, and, presumably, most of the money donated to the nonprofit organization is legally committed to funding the endowment and therefore can't be used to pay costs for the first-year of the program.

...Many students based their decision of where to attend college on the promise of Say Yes money for that institution.  In some cases they chose higher-priced schools than they could have afforded without Say Yes funding, and they may have, for instance, chosen an in-state school largely or only because they had the promise that Say Yes would help cover the cost of their education while there.

Some students are very upset because they gave up scholarships to out-of-state colleges to go to one of the in-state schools that has an agreement with Say Yes.

If the parents and students in those situations had known the money wasn't going to be available for the entire college career of that student, they might have chosen a different college.  Also, in some cases, families who were planning to move to another county or state a year and a half ago have remained in Guilford County because of the promise of Say Yes money years down the line.  In other cases, the highly touted Say Yes program was one of the main reasons families chose to move to Guilford County.

Fewer students will get money from Say Yes for college scholarships 
and many will get less than before 

The biggest cost savings for Say Yes 
comes from cutting off families that make $100,000 or more per year

Say Yes paid about $5.85 million to fund scholarships for 2,426 graduates this year, 
drawing on money raised from local and regional donors, 
and overspending what their model predicted. 

The average payout— about $2,411— is more than expected

Scholarship board Chairman Chuck Cornelio 
said they are hoping to bring costs down to around $1 million per year.


...A statement by Marian Steele was typical: "So basically it's a BS program," that post read.  "It was one of the few ways my family could benefit as we earn too much for qualifying for need based financial aid yet we have nowhere near enough to pay out of pocket.  Thanks a lot for nothing!  And WHY is this not being loudly advertised so that kids don't have false hope?!?!?  Super angry [about] this.  If you are going to change the program you have the OBLIGATION to let people know!!!!!!!"

Another expectant beneficiary of the program, Bonnie Thyer, posted, "Seniors needed to know this information last fall when applying to colleges!  They have made decisions based on the promises of this program.  For most it is too late to change or to apply to other colleges.  Very disappointing!!"

...One high-ranking Guilford County Schools official who asked not to be named said: "I am appalled that that organization would come in here and do that to our students.  In the worst case, I would hope they could continue to fund the education of those in college now."

"How in the world could you miss it by that much?" the school official continued.  "If I were a wealthy benefactor and you had come to me and said that that burden would be $500 million, I would say, 'Forget it - you will never raise that much."

Among the many questions now filling the air are whether lawsuits might be filed by those affected families, as well as questions as to whether contributors who have promised money to Say Yes will be obligated to fulfill those pledges now that the program will be different from the one they initially agreed to fund.

...Paul Lessard, the founder and president of the High Point Community Foundation, [is directly responsible for misleading our community, along with Walker Sanders of the Greensboro Community Foundation]

...for some elected officials who voted to show support for the program, one of the big selling points that helped get everyone on board is that it benefited the middle class as well as the needy.

Our elected leaders are directly responsible 
for selling a scam to our county's children and their parents

One Facebook poster, Des Baker, stated:  "How can your program which was touted by our former superintendent and our current superintendent as the best thing to happen to our students all of the sudden change course and fund students that are the 'most in need?'  You do realize that the working class parents are the ones who will suffer, low-income students will already be receiving the most financial aid.  What about the parents and students who make too much to receive aid but don't make enough to pay for the $17000 plus it now costs to attend state school?  Thanks Say Yes, for essentially Saying No to my child."

Back in August, Skip Moore, the former president of the Weaver Foundation, spoke on the major effect the program would have on bringing people and businesses to the area.

Skip Moore lied, and is directly responsible for this mess

"This is as much an economic development program as it is an education program," Moore told the Guilford County commissioners at that time.

...the program was unequivocally sold to the community as a benefit to families of all income levels.

In September 2015, former Superintendent of Guilford County School's Mo Green and wealthy Say Yes founder George Weiss told a packed gymnasium at Ragsdale High School - amidst a sea of cheering kids waiving pom-poms and balloons with confetti falling from above - that the program was there to benefit all of the kids in the gym and in the Guilford County school system.

Mo Green is directly responsible

Say Yes has stated that the organization will release more data and announce the new guidelines by the end of March.  For now, there are a lot of questions hanging in the air.  Among those are how many students have been funded and how much money has been paid out and who will be granted access to the program for the 2017-2018 school year.

Still no detailed data as to who got what, 
and how former Greensboro employees Mary Vigue and Donnie Turlington misled so many, 
with the help of Nancy Vaughan and Tony Wilkins among others


The group may also provide more detail on how this happened.

Not yet

In this, the first year of the program, the 2016-2017 school year, Say Yes is so far only paying for one year - but the program is designed to fund four years of college for a student - so the actual cost, if the full program were implemented would be something close to $6.1 million times four - $24.4 million.  (The actual number would vary according to number of dropouts, class size in the coming years, etc.)  But $24.4 million would use up about half of the endowment, so the figures are even further off than they seem originally.

http://www.myvirtualpaper.com/doc/rhino-times/march-16-2017/2017031501/#8
.


.
Yost on Say Yes Money in the Caymen Islands, Outsized Investment Returns and the School Board's Pat Tillman lying about it

http://greensboroperformingarts.blogspot.com/2017/03/yost-on-say-yes-money-in-caymen-islands.html

Next Say Yes to Education victim; "Cleveland schools edge closer to free college for every grad"

http://greensboroperformingarts.blogspot.com/2017/03/next-say-yes-to-education-victim.html

Say Yes To Education: Are We Witnessing A Trend?

http://greensboroperformingarts.blogspot.com/2017/03/say-yes-to-education-are-we-witnessing.html

The end of Triad City Beat

http://greensboroperformingarts.blogspot.com/2017/03/the-end-of-triad-city-beat.html

"Say Yes Guilford currently has $9.2 million on hand"

http://greensboroperformingarts.blogspot.com/2017/03/say-yes-guilford-currently-has-92.html

Some Questions Say Yes Will Not Answer Today Or Ever

http://greensboroperformingarts.blogspot.com/2017/03/some-questions-say-yes-will-not-answer.html

I Found The Missing Say Yes Funding

http://greensboroperformingarts.blogspot.com/2017/03/i-found-missing-say-yes-funding.html

Say Yes Guilford Needs Your Help

http://greensboroperformingarts.blogspot.com/2017/03/say-yes-guilford-needs-your-help.html

Say Yes Guilford Hires Out Of State Public Relations Firm

http://greensboroperformingarts.blogspot.com/2017/03/say-yes-guilford-hires-out-of-state.html

Scott Yost on Say Yes to Education; "You Should Look a Gift Horse in the Mouth"

http://greensboroperformingarts.blogspot.com/2017/03/scott-yost-on-say-yes-to-education-you.html

Say Yes to Education is meeting at the O.Henry Hotel today until 3:30pm, including racial issues

http://greensboroperformingarts.blogspot.com/2017/03/say-yes-to-education-is-meeting-at.html

The Rhino's John Hammer takes credit for breaking the Say Yes to Education story

http://greensboroperformingarts.blogspot.com/2017/03/the-rhinos-john-hammer-takes-credit-for.html

Say Yes Guilford's Donnie Turlington on Say Yes to Education funding on March 1, 2017

http://greensboroperformingarts.blogspot.com/2017/03/say-yes-guilfords-donnie-turlington-on.html

60,000 print readers read 5,000 Rhino Times per week?

http://greensboroperformingarts.blogspot.com/2017/03/60000-print-readers-read-5000-rhino.html

The beginning of the middle of the eventual end of Say Yes to Education in Guilford County

http://greensboroperformingarts.blogspot.com/2017/03/the-beginning-of-middle-of-eventual-end.html

Seriously? Seriously?

http://greensboroperformingarts.blogspot.com/2017/03/seriously-seriously.html

John Hammer at the Rhino Times is starting to get the fcukedupness of Say Yes to Education

http://greensboroperformingarts.blogspot.com/2017/03/john-hammer-at-rhino-times-is-starting.html

Former City of Greensboro Assistant Manager Mary Vigue used her position to personally profit via Say Yes to Education and Say Yes Guilford

http://greensboroperformingarts.blogspot.com/2016/09/former-city-of-greensboro-assistant.html

Guilford school board seeks more information from Say Yes

http://www.greensboro.com/news/schools/guilford-school-board-seeks-more-information-from-say-yes/article_dcde8eee-fcdb-5c3a-99d7-1447ae62d009.html

Interim executive director named for Say Yes to Education Guilford

http://www.greensboro.com/news/local_news/interim-executive-director-named-for-say-yes-to-education-guilford/article_1e112125-23c7-5b2d-86a5-882da9b1e1e9.html

An email sent to Say Yes to Education folks this morning;

http://greensboroperformingarts.blogspot.com/2016/11/an-email-sent-to-say-yes-to-education.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

It's been about a month since the News and Record hasn't reported Say Yes Guilford has less than $11 million, and charter schools have to pay 100%

http://greensboroperformingarts.blogspot.com/2016/12/its-been-5-days-and-news-and-record.html

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

http://greensboroperformingarts.blogspot.com/2016/12/newcomers-join-greensboro-school-board.html

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

http://greensboroperformingarts.blogspot.com/2016/11/a-comment-awaiting-moderation-at-triad.html

Say Yes to Education and Say Yes Guilford questions for Monday night at 6 pm

http://greensboroperformingarts.blogspot.com/2016/11/say-yes-to-education-and-say-yes.html

Friday, November 11, 2016 7:40 pm; "Council for Say Yes will hold public meeting Monday"

http://greensboroperformingarts.blogspot.com/2016/11/friday-november-11-2016-740-pm-council.html

Say Yes to Education Red Flag; Mary Vigue; She is about to be in charge of more than $25 million for a 'non-profit' after shafting City of Greensboro employees out of investment fee cuts

http://greensboroperformingarts.blogspot.com/2015/10/say-yes-to-education-red-flag-mary.html

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

David Colin; Just Say Yes raises lots of questions

http://greensboroperformingarts.blogspot.com/2015/10/david-colin-just-say-yes-raises-lots-of.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

On October 3, 2015, Guilford County's Board of Education was shown a "Full Tuition Scholarship Incentive" plan, for every GCS graduate who goes to college

http://greensboroperformingarts.blogspot.com/2015/11/on-october-3-2015-guilford-countys.html

Monday, November 16, 2015, I crashed the Say Yes to Education and Say Yes Guilford meeting at Smith High School and passed out fliers asking the following questions;

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

Say Yes to Education and Say Yes Guilford are saying they are going to cover the last dollar costs between financial aid and total tuition

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

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

"Guilford commissioners hear update on Say Yes"

http://greensboroperformingarts.blogspot.com/2016/02/guilford-commissioners-hear-update-on.html

Say Yes Guilford Questions for Guilford County Commissioner and School Board Candidates

http://greensboroperformingarts.blogspot.com/2016/02/say-yes-guilford-questions-for-guilford.html

"Obtain free college tuition by “Saying Yes” to education"

http://greensboroperformingarts.blogspot.com/2016/08/obtain-free-college-tuition-by-saying.html

"Some parents find it hard to believe their child is now eligible for free college tuition simply because they’re graduating from a public school in Guilford County."

http://greensboroperformingarts.blogspot.com/2016/08/some-parents-find-it-hard-to-believe.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

The News and Record's Jessie Pounds; "Guilford County Schools' seniors can sign up for Say Yes scholarships"

http://greensboroperformingarts.blogspot.com/2016/11/the-news-and-records-jessie-pounds.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


Say Yes to Education's amazing, quite unbelievable investment performance


George 'Say Yes to Education' Weiss and Associates;"...the hedge fund portfolio reportedly returned more than 50% per year on an annual basis", except for when it didn't


Former City of Greensboro Assistant Manager Mary Vigue used her position to personally profit via Say Yes to Education and Say Yes Guilford


Gag order and censorship for Guilford County teachers by Say Yes to Education and Angela Jackson of Guilford County's Association of Educators


George Weiss doesn't mind using massive leverage and illegal tax avoidance

http://greensboroperformingarts.blogspot.com/2016/08/george-weiss-doesnt-mind-using-massive.html

One Dollar; "Resolution Requesting Approval of Lease Agreement with Say Yes to Education"; Tuesday, November 17, 2015

http://greensboroperformingarts.blogspot.com/2016/08/one-dollar-resolution-requesting.html

George 'Say Yes to Education' Weiss and Associates;"...the hedge fund portfolio reportedly returned more than 50% per year on an annual basis", except for when it didn't

http://greensboroperformingarts.blogspot.com/2016/09/george-say-yes-to-education-weiss-and.html

Friday, November 11, 2016 7:40 pm; "Council for Say Yes will hold public meeting Monday"

http://greensboroperformingarts.blogspot.com/2016/11/friday-november-11-2016-740-pm-council.html

Former City of Greensboro Assistant Manager Mary Vigue used her position to personally profit via Say Yes to Education and Say Yes Guilford

http://greensboroperformingarts.blogspot.com/2016/09/former-city-of-greensboro-assistant.html

Ponzi needs a new town; Jul 25, 2016 4:59 AM; "Say Yes to Education" program could mean free college for Louisville students"

http://greensboroperformingarts.blogspot.com/2016/07/ponzi-needs-new-town-jul-25-2016-459-am.html

Susan Ladd's oldest daughter appears to be in line for a Say Yes to Education scholarship

http://greensboroperformingarts.blogspot.com/2016/08/susan-ladds-oldest-daughter-appears-to.html

There hasn't been a news story out of Louisville on Say Yes to Education since; Boris hasn't called with questions yet

http://greensboroperformingarts.blogspot.com/2016/08/there-hasnt-been-news-story-out-of.html

The City of Greensboro's former Assistant Manager Mary Vigue, now Say Yes Guilford Director, was directly responsible, along with City Council and other City staff, for doing Greensboro's employees wrong

http://greensboroperformingarts.blogspot.com/2016/08/the-city-of-greensboros-former.html

"City of Greensboro, mayor sued over access to public records" by Roch Smith Jr.

http://greensboroperformingarts.blogspot.com/2016/08/city-of-greensboro-mayor-sued-over.html

More on what Say Yes to Education promised Guilford County students and parents

http://greensboroperformingarts.blogspot.com/2016/08/more-on-what-say-yes-to-education.html

Let's not forget what Guilford County School parents and students were told; "New Say Yes to Education partnership means free college tuition for Guilford County students"

http://greensboroperformingarts.blogspot.com/2016/08/lets-not-forget-what-guilford-county.html

Remember what they told the kids; "Guilford County Says YES to Education - and Yes to College Tuition!"

http://greensboroperformingarts.blogspot.com/2016/08/remember-what-they-told-kids-guilford.html

How it began in Guilford County, only different; "City, schools working on $100 million effort to provide free college to Louisvillians"

http://greensboroperformingarts.blogspot.com/2016/07/how-it-began-in-guilford-county-only.html

"See Jane Lose"; How Say Yes to Education's Mary Vigue, Greensboro Mayor Nancy Vaughan and Tony Wilkins betrayed the City's employees

http://greensboroperformingarts.blogspot.com/2016/07/see-jane-lose-how-say-yes-to-educations.html

Gag order and censorship for Guilford County teachers by Say Yes to Education and Angela Jackson of Guilford County's Association of Educators

http://greensboroperformingarts.blogspot.com/2016/07/gag-order-and-censorship-for-guilford.html

If Say Yes Guilford has $35 million,...

http://greensboroperformingarts.blogspot.com/2016/07/if-say-yes-guilford-has-35-million.html

$832,000 Payoff; "Buffalo Public Schools award the contract to Say Yes for community program"

http://greensboroperformingarts.blogspot.com/2016/07/832000-payoff-buffalo-public-schools.html

Richard (Skip) Moore's misleading statements; "8 Things to Know About "Say Yes To Education"

http://greensboroperformingarts.blogspot.com/2016/07/richard-skip-moores-misleading.html

Oblivious Buffalo News Editorial Board "Say Yes is leading a vital improvement in the number of college-bound students"

http://greensboroperformingarts.blogspot.com/2016/07/oblivious-buffalo-news-editorial-board.html

Why did the Hartford Chapter of Say Yes close in June 2005?

Alan Duncan and Amos Quick; "Through Say Yes to Education in Syracuse, Contreras has worked with her community..."

Wednesday, June 29, 2016; New Guilford County Schools Superintendent Sharon Contreras' = Say Yes to Education, Say Yes Guilford and Say Yes Syracuse = Say Yes now owns Guilford County Schools

Thursday, June 30, 2016; Say Yes to Education's amazing, quite unbelievable investment performance; This is a George Weiss special

Thursday, June 30, 2016; John Hammer on new Guilford County Schools Superintendent Sharon Contreras and Say Yes to Education

Wednesday, June 29, 2016; WEDNESDAY, JULY 29TH 2015; "The Say Yes to Education program has closed its Syracuse office"

Thursday, June 30, 2016; Say Yes To Education-- The E-mails: Part 1

Friday, July 1, 2016; Say Yes To Education-- The E-mails: Part 2

Wednesday, June 29, 2016

New Guilford County Schools Superintendent Sharon Contreras' = Say Yes to Education, Say Yes Guilford and Say Yes Syracuse = Say Yes now owns Guilford County Schools

Why are most of Say Yes to Education's investments
located in "CENTRAL AMERICA  AND THE CARIBBEAN"?


New Guilford superintendent brings 25 years of education experience 

Posted: Tuesday, June 28, 2016 10:22 pm

By Marquita Brown marquita.brown@greensboro.com

GREENSBORO — Sharon Contreras’ academic background — starting as an English teacher 25 years ago and working as chief academic officer for several school systems — helped set her apart from others vying to be the superintendent of Guilford County Schools.

How much money would it take to pay for every Guilford County High School graduate 
who was promised "a free college education"?

What is the anticipated average per student scholarship expected to be 
for Guilford County's 2016, 2017, 2018 and 2019's graduating classes?

...Contreras has been the superintendent of Syracuse City Schools in New York state, a district with more than 20,000 students, since 2011. While there she gained experience working in a Say Yes partnership, which launched in Syracuse in 2008 and will produce its first “last dollar” scholarships in Guilford County Schools this summer.

Contact Marquita Brown at (336) 373-7002, and follow @mbrownNR on Twitter.

http://www.greensboro.com/news/new-guilford-superintendent-brings-years-of-education-experience-video/article_5a7376eb-3d52-5239-a807-c8b34df56183.html

If 3,500 students qualify the first year, 
how much is going to go to each student?

If 3,500 students qualify the next year, 
how much is going to go to each student?

Say Yes and Guilford County Schools won't say.


Monday, May 23, 2016; This appears to look like what's going to happen to Say Yes Guilford, Say Yes to Education and the City of Greensboro employee's pension fund



How much money does Say Yes Guilford have on hand
 to fund the scholarships?

Say Yes' Donnie Turlington, 
a former City of Greensboro Communications and Marketing Director 
who is now Say Yes Guilford's Director of Communications
won't say.

Triad Business Journal's mention of Sharon L. Contreras and Say Yes to Education; 0

New superintendent named for Triad school district

If 3,500 kids get $1,000 each, it will cost $3,500,000.

As the number should about double in year two, 
how much has Say Yes set aside?

Say Yes and Guilford County Commissioners won't say,
 Guilford County's School Board Members won't say,
and now Sharon Contreras won't say.

Allen Johnson and Doug Clark;

Five years later, she’s coming to Guilford County. One connection is the Say Yes to Education program, which was launched in Syracuse in 2008. “I’m so proud that Guilford County is also a Say Yes district,” she said of the program that’s providing its first college scholarships here this summer.

http://www.greensboro.com/opinion/n_and_r_editorials/our-opinion-new-superintendent/article_04f11ccd-d465-5d66-9080-6bdedf110a06.html

As the number of dollars should about double again over the next two years, 
how is Say Yes going to pay for it?

Say Yes' Mary Vigue, a former City of Greensboro Assistant Manager won't say,
the News and Record's Allen Johnson and Doug Clark won't say,
and Marquita Brown won't say.

Times four is $14 million per year.

Where's the money?

Contreras also has experience working with the "Say Yes to Education Initiative" which launched its first community-wide partnership in Syracuse in 2008.

http://www.twcnews.com/nc/triad/news/2016/06/28/dr--sharon-contreras-likely-guilford-co--schools--new-superintendent.html
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Wednesday, June 1, 2016; What did Brian Cleary and Eric Ginsburg tell Joanna Rutter before she wrote' "Say Yes mobilizes for next phase of educational support"?

http://greensboroperformingarts.blogspot.com/2016/06/what-did-brian-cleary-and-eric-ginsburg.html
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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
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...To instill instant momentum and foster a can-do culture right from the start, Contreras, assisted by a Say Yes consultant, began her tenure by requesting that teams at individual schools and district-wide teams carry out Rapid Results projects over her first 100 days. Mostly aimed at increasing educational outcomes, these projects were designed to generate insights into longer-term goals.

...Say Yes, the brainchild of the University of Pennsylvania’s Norman Newberg and financier George S. Weiss, who remains a fiscal angel, never before climbed on the big stage to accept the challenge of remaking an entire urban school system.

...Say Yes set out to accumulate pledges for tens of millions of dollars.


If they don't even have the $35 million 
they say they have 'pledged' in hand, 
how can they pay out more than what would make the funds unsustainable?

Say Yes and the City of Greensboro won't say

Why wouldn't they want to say?

...Say Yes seeks to increase high school and college graduation rates for students from the inner city. It has carried out projects with cohorts of students in Philadelphia; Cambridge, Massachusetts; Hartford, Connecticut; and in the Harlem section of New York City, at various times since 1987.

...“What really drove me to come to a city with 180 inches of snow a year was learning of the collaborative governance and the Say Yes model,” said Contreras, who gave up the job of chief academic officer in Providence to make the shift. “Educators all over the country seek this kind of support. I never before saw anything like what’s here. I wouldn’t have come if not for Say Yes.” The magnitude of the cooperation impressed Contreras when she began considering a move to Syracuse. “I had never before seen a mayor, a higher education president, and others come together like that, problem-solving together in the same room,” she said. “It was quite remarkable.”

Say Yes owns Sharon Contreras

...Paul G. Tremont, president SRC Corporation, a major company in the city and one of the most important financial supporters for Say Yes in Syracuse, was willing to wait for results in the classroom

Why wouldn't the News and Record investigate?

They know what the questions are, and have declined to ask

...When Say Yes arrived in Syracuse, it drove change in a school system in which few seemed to have any idea of how to make change occur. With the passage of time and the hiring of a highly regarded superintendent, the moment was at hand for Say Yes to adapt itself to a new role as a facilitator of change and let Sharon Contreras take over the driver’s seat, as she appeared more than willing to do.

What will the monies be invested in and at what cost for Guilford County's graduates?

How many students will the "Full Tuition Scholarship Incentive" cover for 2016's graduating class, 
and what is the expected pay out by Say Yes Guilford [over the next ten years]?

How much will Say Yes Guilford need to raise and make on the endowment each year 
to remain sustainable?

Why has Say Yes, the City of Greensboro and Guilford County Schools
so far declined to provide all documentation and communications 
concerning the investment management fees for the endowment?

...2011 (Spring) Sharon Contreras selected as SCSD superintendent Operating director hired to provide local leadership and reduce dependence on Say Yes national leaders

...Some parents worry that the college scholarships will dry up and that their children will not reap the benefits of the program. It is this very concern that Say Yes is addressing in building an endowment for the scholarships. Sharon Contreras has spoken of Say Yes being around for at least a generation.

. . . I agree with Sharon Contreras with her assessment that Say Yes is a partnership and irrespective of the support that Say Yes provides, if the school system is not providing the very best educational program the results or benefits of Say Yes won’t be realized.”

...Nancy Cantor and Mary Anne Carey along with Mayor Miner, County Executive Mahoney, and Superintendent Contreras were the mighty dynamos generating a considerable amount of the energy for Say Yes in Syracuse.

http://sayyestoeducation.org/wp-content/uploads/2015/08/Rebuilding_Communities_small.pdf


Can Say Yes continue its free tuition promise?

With $9.5 million in its scholarship endowment fund, Say Yes Syracuse has reached less than one-third of its $30 million goal.

At a time when Say Yes Syracuse needs to rev up its fundraising, its local staff, which has also been funded by the national Say Yes, is shrinking.  It has only three employees, half what it once had.

The Syracuse office has laid off its marketing, public relations staff and community engagement staff, reducing its community visibility. Its development director, Lisa Moore, took a job with Onondaga Community College.  Moore had been responsible for raising scholarship endowment money.

Why has Say Yes, the City of Greensboro and Guilford County Schools 
so far declined to provide all documentation and communications 
involving the school system's due diligence concerning Say Yes to Education?

Why has Say Yes, the City of Greensboro and Guilford County Schools so far declined to provide estimates 
for the amounts and number of scholarships to be distributed via Say Yes Guilford?

The national Say Yes had always planned to phase out financial support of programs in Syracuse, both for scholarships and support services.

Indeed, the school district has folded Say Yes' initiatives - like some after-school programs -- into the district's budget. Community partners, like the city and Onondaga County, have directed more services through the school district. For the third consecutive year, Say Yes Syracuse has requested money ($1.5 million) from the city of Syracuse to pay for Say Yes school programs.

In the next two years, national Say Yes will pump $2 million more to Syracuse to pay for current scholarships to cover the shortfall.

Dunn says an endowment of $20 million would "get the program very close to sustainability, given current spending rates."

Syracuse schools Superintendent Sharon Contreras said she was confident that Say Yes would meet its endowment goals.

"The scholarship promise is a critical element as we work diligently to close the opportunity gap and afford all SCSD graduates with access to college irrespective of their zip code and family income," Contreras said.

http://www.syracuse.com/schools/index.ssf/2015/04/will_say_yes_continue_its_free_tuition_promise_1.html

Why has Say Yes, the City of Greensboro and Guilford County Schools 
so far declined to provide the expected salaries of Say Yes Guilford employees?

Why has Say Yes, the City of Greensboro and Guilford County Schools 
so far declined to provide the percentage of the total amount to be given to students each year?

Why has Say Yes, the City of Greensboro and Guilford County Schools 
so far declined to provide expected yearly fundraising costs?

SAY YES SYRACUSE OPERATING COMMITTEE;

Syracuse City Schools Superintendent Sharon Contreras
Syracuse Teachers Association President Kevin Ahern
Syracuse City Mayor Stephanie Minor
Onondaga County Executive Joanne Mahoney...

http://sayyessyracuse.org/about/governance/

Why has Say Yes, the City of Greensboro and Guilford County Schools 
so far declined to state if  Say Yes Guilford is to be considered a fiduciary over the investment assets?

Why has Say Yes, the City of Greensboro and Guilford County Schools 
so far declined to report if the investment managers will be considered fiduciaries?

Say Yes to Education issues statement on Contreras no-confidence vote

Say Yes to Education is taking no position on the conflict between Syracuse City Schools Superintendent Sharon Contreras and the Syracuse Teachers Association.

The union held a no-confidence vote on Contreras earlier this week. More than 95 percent of the teachers who cast ballots voted no confidence.

http://www.syracuse.com/news/index.ssf/2014/06/say_yes_to_education_issues_statement_on_contreras_no-confidence_vote.html

TUESDAY, MARCH 1ST 2016; Mahoney announces $20 million for Syracuse Say Yes, preserving free tuition program

...Say Yes Syracuse is receiving a big lift from the county that will allow it to permanently endow its scholarships going forward.

...Before that announcement, there were worries that Say Yes Syracuse would not reach its goal to build up a $30 million dollar scholarship endowment fund and take over tuition costs. In eight years it had only collected ten million dollars for its endowment fund.

The national Say Yes to Education organization had said it planned to stop paying for Syracuse area scholarships in June 2017.

...On Tuesday, Syracuse Mayor Stephanie Miner announced that proceeds from bonds issued by the Syracuse Local Development Corporation will go towards Say Yes to Education. Those proceeds are expected to be $400,000.

...Since the City of Syracuse partnered with Say Yes eight years ago, the promise of free college tuition has been one of the city's best selling points.

However there were concerns Say Yes would soon have to start saying "no" if it could not raise $20 million in just 15 months.

...The national Say Yes organization now requires cities that partner with them to have self sufficient scholarship endowment funds within six years. Syracuse had been granted extra time because it was first city in the U.S. to partner with Say Yes.

That concern was put to rest Tuesday night when Onondaga County Executive Joanie Mahoney announced a $20 million contribution towards the Syracuse College Promise will be distributed to the Say Yes Scholarship Endowment Fund in full this year.

http://cnycentral.com/news/local/say-yes-tuition-program-needs-20-million-in-15-months

July 29, 2015; Say Yes cuts Syracuse director Pat Driscoll and downsizes its local office

Say Yes to Education, a program that has helped thousands of students from the Syracuse City School District go to college for free, has cut its operating director and closed its Syracuse office to save money.

Pat Driscoll's position as the operating director of Say Yes Syracuse was eliminated in the organization's budget for this year, said Tim Carroll, director of mayoral initiatives for the city of Syracuse. The city is part of the local partnership that manages Say Yes in Syracuse.

According to Say Yes' federal nonprofit filing, Driscoll's salary and benefits were $129,793 in 2012. Carroll said the national Say Yes organization, which is based in New York City, also decided to close its Syracuse office. The two remaining employees, who handle scholarship paperwork, will work out of space owned by the Syracuse City School District, Carroll said.

From the start, the expectation had been that Say Yes would be controlled and funded locally, said Gene Chasin, chief operating officer for Say Yes national.

Chasin said Say Yes initially gave Syracuse six years to become self-sufficient, but the process has taken eight.

"It's really not a decision to withdraw funding, at all," Chasin said. He said the plan had always been to spend $15 million to build a program that Syracuse stakeholders would take over after six years.

"We've obviously gone far beyond that," Chasin said. He said the national organization has spent $37.5 million in Syracuse so far.

Say Yes national has been paying for scholarships for the past three years, and will continue to do so for two more. But after that, the program will have to depend on its endowment to pay the tuition bills, which have been running about $1.2 million a year, Chasin said.

Chasin said he's confident that the Syracuse program and its major stakeholders -- the city, Onondaga County and the Syracuse City School District -- can raise the additional $20 million in the next two years.

The Syracuse Say Yes chapter's road to self-sufficiency is one that the other chapters also will have to follow, Chasin said. There are Say Yes programs in Buffalo, Philadelphia, Hartford and Harlem. Buffalo is the only one with a similar, community-wide model like Syracuse has, Chasin said.

There, the fundraising and development staff have been funded by community partners from the start, according to Say Yes.

"The local partners in Syracuse certainly have the option to do so as well, going forward," said Say Yes spokesman Jacques Steinberg.

Other Say Yes chapters will not be getting the additional support that Syracuse has received.

"We're very crisp and clear that $15 million is the investment," Chasin said. "That's hard and fast now."

...Driscoll, who had previously been the city Parks and Recreation director, is also a referee for NCAA basketball games.

http://www.syracuse.com/schools/index.ssf/2015/07/say_yes_cuts_syracuse_director_pat_driscoll_and_closes_its_local_office.html

Say Yes and the Neighsayers

...the decision of the national Say Yes organization to shift some of its attention to starting up a Buffalo program before the Syracuse operation was on solid ground. Sitting in a coffee shop in Edison, N.J., where he lives and serves as president of that mid-sized city’s school board, Maeroff calls himself a “critical friend” of Say Yes.

“I’ve never said this before,” Maeroff told the Syracuse New Times, “and they didn’t ask me, but I think the move to Buffalo was premature. There was too much work still left to do in Syracuse.”

Say Yes announced in 2011 that it would begin a districtwide program in Buffalo, and began implementation there in 2012. While it maintains its offer of college tuition to Syracuse school students, its financial backing for support programs for Syracuse students has declined substantially.

He sees the potential of Say Yes as a game-changing program for Syracuse, while acknowledging serious flaws in its implementation. One thing is for sure, he says: It is too soon to know just how the bet will pay off.

News_Say_Yes-bookMaeroff blames many of the problems of Say Yes with flawed implementation and failures to communicate. “There were a lot of misunderstandings,” Maeroff told the Syracuse New Times, “and it is possible that it wasn’t stated as clearly as it should have been what they would do and not do. There is clearly a lot of anger in Syracuse at Say Yes and its role.

...That the Say Yes project in Syracuse was led by strong women did not escape Maeroff’s attention. He profiles the key players: Mary Anne Schmidt-Carey, of Say Yes; Syracuse University chancellor Nancy Cantor; Onondaga County Executive Joanie Mahoney; Syracuse Mayor Stephanie Miner; and later, the superintendent of schools who Say Yes helped to hire, Sharon Contreras.

...Maeroff considers Contreras, now in her third year at the helm of the district, a key player for the future of Say Yes and the Syracuse schools. “The challenge is to hold on to her,” Maeroff says of Contreras, who reportedly has been contacted by headhunters. “She has been there during a very important period and has a lot to give. She has a commitment and is a very able person.”

http://www.syracusenewtimes.com/say-yes-and-the-neighsayers/

Say Yes too good to be true?

Say Yes exaggerated many of its claims.

And in some cases, Say Yes takes credit for improvements in Syracuse that it is – at best – only partially responsible for.

http://www.buffalonews.com/apps/pbcs.dll/article?aid=/20121117/cityandregion/121119226/1042.
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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

"Guilford commissioners hear update on Say Yes"

http://greensboroperformingarts.blogspot.com/2016/02/guilford-commissioners-hear-update-on.html

Say Yes Guilford Questions for Guilford County Commissioner and School Board Candidates

http://greensboroperformingarts.blogspot.com/2016/02/say-yes-guilford-questions-for-guilford.html

An email sent to the News and Record's Marquita Brown and Steven Doyle on Say Yes to Education and Say Yes Guilford

http://greensboroperformingarts.blogspot.com/2016/05/an-email-sent-to-news-and-records.html

Say Yes has a problem; Rhino Times Misinformation on Say Yes to Education; "City Doesn’t Say No to $1 Office Space for SAY YES"

http://greensboroperformingarts.blogspot.com/2015/11/say-yes-has-problem-rhino-times.html

I crashed the Say Yes to Education and Say Yes Guilford meeting at Smith High School and passed out fliers asking the following questions;

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

Say Yes to Education and Say Yes Guilford are saying they are going to cover the last dollar costs between financial aid and total tuition

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

On October 3, 2015, Guilford County's Board of Education was shown a "Full Tuition Scholarship Incentive" plan, for every GCS graduate who goes to college

http://greensboroperformingarts.blogspot.com/2015/11/on-october-3-2015-guilford-countys.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

Are our local Realtors saying Say Yes to Education is going to pay for everyone in Guilford County's college?

http://greensboroperformingarts.blogspot.com/2015/10/are-our-local-realtors-saying-say-yes.html

John Hammer on Mary Vigue and Say Yes to Education and Zack Matheny and Andy Zimmerman's play for tapayer money; Same things only different

http://greensboroperformingarts.blogspot.com/2015/11/john-hammer-on-mary-vigue-and-say-yes.html

On October 3, 2015, Guilford County's Board of Education was shown a "Full Tuition Scholarship Incentive" plan, for every GCS graduate who goes to college

http://greensboroperformingarts.blogspot.com/2015/11/on-october-3-2015-guilford-countys.html

Say Yes to Education and Say Yes Guilford are saying they are going to cover the last dollar costs between financial aid and total tuition

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

"Guilford commissioners hear update on Say Yes"

http://greensboroperformingarts.blogspot.com/2016/02/guilford-commissioners-hear-update-on.html

Say Yes Guilford Questions for Guilford County Commissioner and School Board Candidates

http://greensboroperformingarts.blogspot.com/2016/02/say-yes-guilford-questions-for-guilford.html

An email sent to the News and Record's Marquita Brown and Steven Doyle on Say Yes to Education and Say Yes Guilford

http://greensboroperformingarts.blogspot.com/2016/05/an-email-sent-to-news-and-records.html

Say Yes has a problem; Rhino Times Misinformation on Say Yes to Education; "City Doesn’t Say No to $1 Office Space for SAY YES"

http://greensboroperformingarts.blogspot.com/2015/11/say-yes-has-problem-rhino-times.html

I crashed the Say Yes to Education and Say Yes Guilford meeting at Smith High School and passed out fliers asking the following questions;

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

Say Yes to Education and Say Yes Guilford are saying they are going to cover the last dollar costs between financial aid and total tuition

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

On October 3, 2015, Guilford County's Board of Education was shown a "Full Tuition Scholarship Incentive" plan, for every GCS graduate who goes to college

http://greensboroperformingarts.blogspot.com/2015/11/on-october-3-2015-guilford-countys.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

Thursday, March 30, 2017

"Say Yes Guilford currently has $9.2 million on hand"

"The Say Yes Guilford Scholarship Board is meeting on Thursday, March 30 and, on Thursday afternoon, Say Yes is expected to answer some pressing questions regarding the program...

...Why was there such a rush to offer scholarships on a widespread basis before the money was there to fully fund it?  How could an estimate of needed funding be off by over 600 percent?  Why didn't Guilford County Say Yes officials look more closely at program costs before implementing scholarships whole cloth in the 2016-2017 school year?  What exactly are the "wrap around" services that Guilford County, the school system and others are expected to provide?

...Guilford County Commissioner Alan Branson said that, from the very beginning of the process, the county commissioners were ostracized for asking questions and so were others who went against the grain.  He said school and Say Yes Guilford officials simply have not communicated well with the county commissioners.

"That's the thing," Branson said.  "They have not been open with us from the beginning - we asked questions but didn't get answers.  Several gave me the evil eye when I was trying to figure it out in the very beginning."

...Say Yes national has committed to investing $15 million in the Guilford County Schools over the next five years to support the program and Say Yes is supposed to have a large presence in school system operations.

...One area of interest was that the last available IRS 990 form, filed in August 2015, showed that, of $50.5 million in assets held by the national Say Yes to Education, $32.2 million was in the Cayman Islands in the "Weiss Multi-strategy" fund, and just over $5 million in a Weiss reinsurance business in Bermuda.

Say Yes Guilford currently has $9.2 million on hand

When the Rhino Times asked Say Yes Guilford Communications Director Donnie Turlington why that was, he referred those questions to the national Say Yes.

Say Yes to Education spokesman Jack Steinberg wrote in an email, "Weiss Multi-national Strategy Advisers is a separate business entity from Say Yes to Education" and referred all questions regarding the fund to a public relations firm that did not offer any comment on the record.

...In 2014, Weiss' investment strategies - and similar strategies used by about a dozen other hedge funds - faced a good deal of scrutiny and negative publicity due to a US Senate subcommittee investigation over his investment funds' use of a complex financial instrument known as "basket options" that some said were used by Weiss' fund and other funds to dodge taxes.  The funds' moves were not alleged by the committee to have been illegal but there were allegations of questionable financial moves based on "a series of fictions" to exploit tax loopholes to an uncomfortable extent.  The investigation at that time looked into Weiss' fund and about a dozen other funds that used basket options.

In July 2014, USA Today ran a story, "Banks and hedge fund grilled on tax schemes" after a Senate subcommittee hearing, and a Washington Post story ran with the headline, "Senate report: Barclays and Deutsche Bank helped hedge funds skirt $6 billion in taxes."  The Post-Standard in Syracuse, where Say Yes has a program, ran an article, "U.S. Senate committee report slaps hedge fund run by Say Yes to Education founder."

The Washington Post story stated: "The findings of the investigation will be the subject of a Senate panel hearing Tuesday, where senior executives from Barclays and Deutsche Bank are scheduled to testify ... The subcommittee staff focused on options involving the largest users, Renaissance Technologies (RenTec) and George Weiss Associates.  Deutsche Bank and Barclays used the options structure to open accounts for their clients in their own names, creating the illusion that they owned the assets.  But in fact, the hedge funds exercised complete control over the assets, executed all the trades and raked in all of the trading profits, according to the report."

The method was allegedly used by the funds to turn short-term gains into long-term gains for a tax advantage and were used to increase investment leverage beyond limits that would otherwise be allowed.

A spokesperson for Weiss Associates said at that time in a statement, "Basket options are lawful financial instruments" that are often used to increase leverage, and the statement added that Weiss' hedge fund had terminated its involvement with the options transactions in 2010.

...In a November 2016 presentation at a Say Yes Guilford Operating Committee meeting, Skip Moore, the former director of the Weaver Foundation, one of the founders of the Guilford Education Alliance and a leader of the local Say Yes movement, voiced his gratitude during a presentation before a packed auditorium of Say Yes advocates at Guilford Technical Community College in Jamestown.

"Thank you, George Weiss, for your $15 million and thank you for all you've been giving over the years," Moore told the audience.  "I really don't care where it's invested - thank you for giving it away.  We appreciate it very much."

...While the national funds and the local funds are in different places - financially as well as geographically - the national Say Yes to Education organization did recently contribute money to make up a shortfall in scholarships for the 2015-2016 year according to one source familiar with the recent proceedings.

Say Yes Guilford had estimated the first year would cost about $900,000 but the bill came in at $6.1 million and Say Yes Guilford was about $1.5 million short.

Say Yes Guilford currently has $9.2 million on hand  

The source said that, though Say Yes money wasn't originally supposed to be used to fund scholarships, when Say Yes Guilford went into crisis mode over the giant shortfall, the national Say Yes branch kicked in money to make up the difference needed for first-year payments.

The source said there was an "Oh no, moment" when Guilford program administrators realized that Say Yes Guilford wouldn't have enough money on hand to pay to colleges for the students' first year and Say Yes national used some of its money to fund the first year scholarships.

...Branson also said he and other commissioners remain basically in the dark about what's going on with the program.  He said he's heard only "bits and pieces" of what's going on in regard to Say Yes.  ..."Everybody from the Education Alliance was selling it," he said.  "They were all pumped up and I thought: Maybe they know something I don't."

...Since the Scholarship Board meets on March 30, and Say Yes has said more details will be coming by "the end of the month," that strongly suggests an official Say Yes announcement will be made on Friday, March 31.

...the county was supposed to see some requests for wrap around services to support the program, but a meeting with school officials in August 2015 was the last time those two words have even come up in a county commissioners meeting in any meaningful way.  School board officials have also stated publically that they want more information as to what is expected in regard to  wrap around services the schools are expected to provide.

Chairman of the Board of Commissioners Jeff Phillips said he hadn't seen any request yet for the county to provide wrap around services or to make up the recently discovered financial shortfall.

"There's been no indication of any ask," Phillips said.  "There have been repeated references to wrap around services, but we still don't know what that means.  Nothing has been decided."

...In numbers provided by Say Yes last November, more than 2,000 students are getting Say Yes scholarships...

The program has more than $41 million in "pledges and commitments" from roughly 100 donors across the state.

The fundraising goal for the endowment was initially $70 million, but earlier this month Say Yes Guilford announced that the group would actually need about $550 million for a sustainable endowment.

Say Yes Guilford currently has $9.2 million on hand for that endowment."

http://www.myvirtualpaper.com/doc/rhino-times/march-30-2017/2017033001/#6 

Thursday, March 23, 2017

Yost on Say Yes Money in the Caymen Islands, Outsized Investment Returns and the School Board's Pat Tillman lying about it

"The financial shortfall that has caused a major setback for the Say Yes Guilford scholarship program is raising a slew of questions regarding the group's financial models, transparency, decision-making structure and the viability of applying its core philosophy in Guilford County.

Say Yes Guilford is facing a large funding shortage in its first year, which is drawing attention to the financial situation of the organization.  Say Yes Guilford has kept much of that information close to the vest so far, however, there are some numbers available for the national Say Yes to Education organization, which is working with Guilford County on the initiative.   The numbers come from the IRS 990 form required for large nonprofit organizations.

Which we reported on last year

At the end of 2014, Say Yes national had net assets of $50.5 million, of which $32.3 million were held in the Caymen Islands and just over $5 million in Bermuda.  The Schedule F attachment to the 990 form, which is the "Statement of Activities Outside the United States," lists the $32.3 million held in the Caymen Islands as an investment in "Weiss Multi-strategy."  The attachment to the 990 form states that the $5 million in Bermuda is "business reinsurance" and it is listed as "Investment in Weisshorn RE LTD."

Which we reported last year

...Say Yes Guilford projected a needed endowment of about $70 million to make the program sustainable, but it's now estimated that it would actually require roughly $550 million to meet Say Yes' needs for the county's college-bound students on an ongoing basis.  In light of that tremendous discrepancy, this week Say Yes Guilford leadership is attempting to regroup and find a way forward.
Jacques Steinberg, a Say Yes spokesman, stated that the national group is working with the Guilford County chapter to resolve the current issues.

...behind the scenes, there's a great deal of handwringing and discontent.  Some believe the program can be saved, while others argue that, given the harsh reality of the numbers - combined with the giant promises of the program - any new version of Say Yes will merely be a "shell of its former self."

...There are varying accounts as to who's responsible for the terribly askew projections, but it's safe to say, as one Guilford County commissioner said this week, there is "plenty of blame to go around."

...When the Rhino Times requested the current 990 form for the local group, Say Yes Guilford, Donnie Turlington, the communications director for Say Yes Guilford, wrote in an email, "It's my understanding that the Say Yes Guilford 990 requirement is covered under the 990 for the national organization."

Steinberg wrote in an email, on behalf of the national Say Yes group, that Say Yes Guilford was an affiliate of Say Yes to Education, but added that part of the program - the Say Yes Guilford Scholarship Board - operates as a separate entity that first awarded scholarships in 2016.

"As an independent 501(c)(3), it has the responsibility for filing its own tax forms," Steinberg wrote.
When Steinberg was asked about a more recent 990 form for the national Say Yes organization than the one for 2014, he wrote, "The most recent 990 publicly available on the Website Guidestar for Say Yes to Education is for the 2014 tax year."

...In 2014, Say Yes President Mary Anne Schmitt-Carey had a total annual compensation of $418,097.  That included a salary of $350,000, another $23,400 in "retirement and other deferred compensation," $24,697 in "nontaxable benefits" and a bonus of $20,000.

Say Yes Chief Operating Officer Gene Chasin had a salary of $265,000 in 2014 and a total compensation package of $334,300, while Steinberg had a total compensation package of $303,692.  Chief Development Officer Roger Edgar's annual package amounted to $262,524.

The 990 form only requires the disclosure of the compensation for the highest paid employees, so salary information for others in the Say Yes organization isn't publicly available.

Say Yes got $4.1 million in total grants and contributions that year and earned $13.4 million from investment income, which is very high given that the group began the year with $35.6 million in investments.

Which we reported on last year

Just over $802,000 of that money was invested in "publicly traded securities" with the rest in "other securities," primarily in an investment fund run by Weiss based out of the Cayman Islands and another investment in Bermuda.

When the Rhino Times asked Turlington the reason the national organization keeps the bulk of its funds in the Cayman Islands and Bermuda, he said that was a question best directed to the national office.

The national Say Yes organization has not yet responded to that question.

As for Say Yes Guilford, one thing that has been a source of contention in recent months is the inability of local officials and other interested parties to get hard numbers from the group.  Say Yes Guilford has disclosed that it has $42 million in "pledges and commitments."  However, it will not disclose how much of those pledges and commitments is actually money that the group currently has in hand - though Say Yes officials have stated that the money will come in over a period of roughly five years.

Which we reported last year

It should be kept in mind that those commitments were to a program that promised scholarships for families of all incomes, so it's possible some donors will rethink their pledges in light of changes.

Turlington did say that the Say Yes Guilford funds are managed by Diversified Trust in Greensboro and he added that the Say Yes Guilford bank account is with the Bank of North Carolina.

Diversified Trust is a wealth management firm with offices in Memphis, Atlanta, Nashville and Greensboro, with the Greensboro office at 300 N. Greene St...

...school officials - not to mention many others - are waiting to see what Say Yes announces, but right now they don't have much more information than anyone else.  Guilford County Board of Education member Pat Tillman said he only learned about the group's troubles when he read the story in the Rhino Times on Thursday, March 9.

"I found out about it when I read your article," Tillman said.



He said one source of frustration is the fact that the Guilford County school board has authority to decide school matters but virtually no say when it comes to Say Yes.

"We don't have any jurisdiction over the program," Tillman said.  "It's a strange dynamic - outside of our kids, we don't have any oversight.  It's a private sort of charitable thing and, unfortunately, we don't have any power over it."



Tillman said there are a lot of things he wants to find out in the coming weeks.

"We know the basics of Say Yes but we have a lot more questions," he said.  "For instance, how were they that far off?  It's unfortunate when you see the math - six times difference.  As a school board member, that's concerning."



...The wait for the public release of information from the group is nothing new: It is something that's continued from last year.

At a large Say Yes Guilford meeting at the Guilford Technical Community College in Jamestown on Nov. 14 - Schmitt-Carey, the president of the national Say Yes organization, said, "Local and national offices continue to work with our colleges and universities on this year's disbursements and we anticipate having final numbers later this year [2016], or in January, regarding the number of scholarships rewarded and the specific dollar amounts."

At that same meeting, another Say Yes official said,  "We will be announcing full details about the distributions in the near future."

http://www.myvirtualpaper.com/doc/rhino-times/march-23-2017/2017032201/#6