Were it not for the fact that I have already posted a blog titled Financial Shock and Awe at the NCBTMB, I could certainly have used that for this one. The subject matter is the same: the Form 990 filing of the NCB, except this one is for the latest return, from the fiscal year 2008. The previous posting was about the 2007 form.
Here are the cold hard facts: Revenues were down by over a million dollars, while expenses were up almost that much. The NCB is showing almost $2 million in losses for 2008. Their assets have declined by almost $3 million dollars. To borrow a phrase from another well-known pundit, Cliff Korn, “Can you spell fiduciary malfeasance?”
2008 was the year of the Feeley administration. If you need a rehash of all my real and imaginary issues with her tenure there, just read back through the blog roll. I spent much of 2008 picking on the fact that her compensation as a “volunteer” was $118,000, plus her expenses. Then there was the utter disgrace of holding a board meeting in Hawaii, and topping that off was the $20,000 gift because she supposedly couldn’t afford health insurance. What a resounding slap in the face to all the massage therapists out there who don’t make a fifth of that money and can’t afford any, either. Fiduciary malfeasance isn’t a strong enough term, but I try to avoid cursing on the blog.
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