Where's the money gone? Around Town, posted by Editor, Pleasanton Weekly Online, on May 31, 2012 at 12:30 pm
The Tri-Valley Community Foundation is in rough financial waters, facing questions of poor financial management, misapplying donations, making promises it couldn't keep and ongoing overspending that's left the agency nearly $175,000 in debt. The foundation has ousted David Rice, who as president was the public face of the charity for years, after an audit showed money had been spent and promised without approval from its board.
Read the full story here Web Link posted Thursday, May 31, 2012, 12:22 PM
Posted by Mike, a resident of the Highland Oaks neighborhood, on May 31, 2012 at 3:18 pm
"'other expenses' had climbed to just over $1 million and salaries had grown to nearly $418,000. The tax return for the year also claimed 108 employees. . ." (Rice's salary being 98 large.)
The term "top heavy" springs to mind, which usually suggests a leech infestation. It's fairly clear who the actual beneficiaries of this foundation have been.
Posted by Appalled...but nice journalism, Pleasanton Weekly, a resident of the Birdland neighborhood, on May 31, 2012 at 4:11 pm
Thanks for reporting this. Can you post the financial audit to your website or provide a link to it?
How did TVCF get in any way get involved in committing money to the PUSD Adult Education department? You mentioned TV30 and the TVCF show. Was the TVCF downfall linked to the Tri-Valley TV30 meltdown during the last few years? San Ramon has pulled out of TV30 according to news report. How much of TVCF money was being poured into TV30. PUSD Adult Education and TV30 are on the District campus downtown.
I wonder how the money started being siphoned off to these and other San Joaquin and out of state agencies?
Posted by John, a resident of the Downtown neighborhood, on Jun 1, 2012 at 10:48 am
Thank you, Pleasanton Weekly, for writing this article. It's a shame, though, that your financial information only dates to 6/30/2010. TVCF should have filed their 6/30/2011 tax returns by now, and I would expect that recent numbers will tell more of this sad story.
I'd like to point out that community foundations sometimes make unusual grants because of specific donor requests, and I suspect some payments outside the Tri-Valley could have been at the request of contributors to Donor Advised Funds. Although the board is responsible for the appropriate use of these funds, the choice of underlying recipients is donor-designated. I know this to be the case with the money donated in 2010 to the San Francisco Shakespeare Festival, and I also know for certain that this $10,175 was used for SF Shakes programs held directly in Pleasanton (Free Shakespeare in the Park and the Pleasanton Civic Arts Stage Company).
But the crux of your story is still very true. Even if you subtract the known pass through activities (e.g. properly segregated donor-designated money and the Pleasanton Weekly Holiday Fund), what you are left with is a situation where substantial Foundation assets are being used to pay contractors and staff, and where lack of transparency and specific "by fund" accounting enables enormous inefficiencies in the use of local donations. If there's a silver lining here, it's the hope that this shake up will lead to new leadership and vastly improved procedures to oversee public benefit assets.
Posted by TRI-VALLEY ?, a resident of the Another Pleasanton neighborhood neighborhood, on Jun 1, 2012 at 11:21 am
Let me get this straight . . . it's called the 'TRI-VALLEY' community center? ? ? And for starters donations were given to Buddhist Center in Boulder Colo; SanFrancisco Shakespeare Festival; UC Berkeley & UC Davis..no doubt in names of Rice, Lane, or Lawless; OAKLAND?families?; several SanJoaquin Co groups; AND one-third of total expenses went to UNDISCLOSED ! ! ! GOT IT !!!
I'VE noticed sadly, that many NON-profits pick from a different kind of 'employee pool' than 'real' companies.
Posted by Wondering, a resident of the Jensen Tract neighborhood, on Jun 1, 2012 at 12:13 pm
It says "In 2009-10, "other expenses" had climbed to just over $1 million"
....and one third of expenses were undisclosed program expenses.
I wonder if this organization "Tri-Valley Community Foundation" related in any way to "Tri-Valley University" and whether the money has money gone to fund legal expenses for those arrested in the PUSD/Tri-Valley University fraud?
Posted by Kathy Kendall, a resident of the Bridle Creek neighborhood, on Jun 1, 2012 at 1:33 pm
The Buddhist Center in Boulder CO. Run by a huckster who previously has been run out of every prior job he's ever had. For me, hearing that 'donations' were given to that institution is a real indictment. If not corruption then gross stupidity. No tears being shed for this outfit's demise at all.
Posted by TRI-VALLEY ?, a resident of the Another Pleasanton neighborhood neighborhood, on Jun 1, 2012 at 4:08 pm
And the name of the 'Board' members again are....???????????? Do donors have to get in a lawsuit to exercise their RIGHT to KNOW ? ?
Do Board members serve without remuneration??? Don't Board member usually KNOW WHERE and to WHOM ALL money of ANY organization is transferred.....in WHATEVER manner !!!! Don't they ask to see the final tax return each and every year !!!
Make note of any residents who silently slip out of town. We deserve answers.
Posted by Appalled...but nice journalism, Pleasanton Weekly, a resident of the Birdland neighborhood, on Jun 1, 2012 at 6:42 pm
PPIE financial statements posted for the last two years show it is overspending more than it has taken in. This is with the Superintendent of schools being the VP and Ron Hyde being the President.
PPIE's last financial statement show Revenue of $86,489 and Expenses of $124,572 and an operating deficit of -$38,083.
The previous year the operating deficit was -$25,375. Revenue was $104,077 and Expenses were $129,452.
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