}

Friday, July 25, 2014

YOU DON'T HAVE TO BE A GENIUS...But It Helps!

Looks like the Grand Traverse Academy board is still clinging, like a jilted lover, to the notion that the $1.6 million owed by Steven Ingersoll, federally-indicted Academy founder and head of its former education service provider, is still an asset.

The board met last Friday, July 18, to discuss (among other agenda topics) Steven Ingersoll's fee overpayment advance of $2.38 million dollars and subsequent refusal to return the money to the Academy. 

Shown below is a excerpt from the agenda document provided at the meeting, and I've highlighted the "Other Current Assets" line item with a $1,623,020.27 "Prepaid Expenses SSM" notation.

So when is a "asset" not an asset? 

Maybe that question will be answered, along with the others posed during the July 18 meeting, someday soon.

Tick-tock, tick-tock...


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