Oh, dear.
As if −$305k makes no difference.
Transparency of events & proceedings is not for them. And they do it with no shame. Or sense of betrayal.
Deplorables.
A $11m annual turnover public charity, with the likes of these in charge?
Deplorables.
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Here: https://kpftx.org/archives/pnb/finance/221213/finance221213a.mp3 (b-file too) . . . congratulations, uploader!
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ED Steph ‘The Breeze’ didn’t mention Pacifica losing $305k. And neither did anyone else.
But she was directed to make a disclosure: even though station after station is currently in fund-drive, there won’t be enuf cash around on Sa31Dec to pay FJC their quarterly interest, this time $55 402.99 (working is below).
This coming after her start, “I don’t have a lot to report”. So that kind of report.
So all hell’s breaking loose, then.
Her report:
“I don’t have a lot to report, umm, not a lot has changed since last week […] umm, really not too much else […] And I think that really is, at this point, is about it, if anybody has any questions.”
That was it.
Oh.
Chair ‘wooden as a chair’ Sagurton was straight in: what about FJC?
“[Pause …] Ah, yer, that’s, umm, that’s the number one, really, on our aged payables, and payable of concern. We do not have any funds that are set aside to be able to prepare us for that payment. Umm, it is due on the 31st. We did mention it to Arthur [Schwartz, General Counsel], umm, a few weeks ago, that we were concerned that we weren’t going to be able to make that interest payment, umm, and then he and I also spoke about it as well, so he was going to give them a call and see if we again [this a new disclosure] could have a couple of, umm, a couple of days of grace with that, or if we can just make, you know, wh-wh- – what we are planning on doing is paying what we can when we have it, and then hoping to extend that out [?]”
Of course no-one asked whether Arthur had phoned FJC, & what they said.
(Also note – contra Susan ‘blah-blah’ Young (23:15), a KPFT listener-delegate – FJC, as explained for 4yrs on this blog & elsewhere, never allows a borrower to default: when a loan is designated as “potentially impaired” it’s sold, without discount, to the Marty & Dorothy Silverman Foundation, the money that largely founded FJC.)
ED Steph ‘The Breeze’ Wells (19:32; her report all of 123secs, 19:45-21:48), Tu13Dec2022 PNB Finance Cttee. (The FJC interest rate went up from 9.25% to 10%, effective Th3Nov. Working: ((2258821 x 0.0925 x 33) ÷ 365) + ((2258821 x 0.1 x 59)÷ 365) = 18890.550 + 36512.449 = $55 402.99.)
So all that’s going to work out well . . . everything under control.
Oh.
Steph ‘The Breeze’. PMC thru-n-thru. An operator. Of her class stratum. An advert for NGO management.
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And ‘The Breeze’ volunteered no update on ‘the server problem’, that is, being shut out of Pacifica’s digitised books of account. And everyone was polite enough not to ask. So obviously not merely a problem, but a problem affording no progress. No progress at all. Proving intractable.
These people are unbelievable. They really are.
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Nor even a hint of a waft regarding progress on the pesky outsiders from National being impertinent, trying to directly view station bank accounts. Trying to find out what the hell’s going on. Again, decorum prevailed amongst Pacifica’s financial wizards, leaving the non-event well alone, as still as a sleeping dog, as tranquil as dead air.
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Last, as is a habit of Pacifica decision-makers, confidential info gets disclosed. Even of the medical condition of individuals. This time Mr Lawrence Reyes, longstanding KPFK listener-delegate & director. Let’s hope he’s well soon.
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PacificaWatch 