Another website in NY is still current, discussing the loans that all 5 stations are paying and dependent upon, thu their commentators there. Occasionally, we will copy, paste, and share honestly what is written in those Eastern country web pages to insure that if info is of value to anyone still donating/ paying/ supporting our Local station, that the details we never hear anything about are revealed here, as it is at WBAI related blog.
So with no plagiarism or borrowing, here are some selective & edited for readability only, [no information is changed or corrected or distorted ! ] may be reposted here, with the original source post listed to go read MORE there...
Every station claims, pretends, denies and lies when they ask for 'donations for your radio station' by not mentioning anywhere, not on their websites, certainly not on Pacifica's sparse website [bylaws are there tho ] nor on-air is any back-room deals, audits, loans, financial shenanigans or 'other costs not related to Your Radio Station' given.
So here is the source: http://wbai-nowthen.blogspot.com/
The articles are light but the commentators provide much more in details and varied shared info that is not found elsewhere ...any more... While the prior KPFA blog with info about the Pacifica National Board members that were causing problems [apparently] and a bit of the financials too, has gone relatively silent since April 2018.
[Names are often excerpted out with "..." inserted instead, tho some may slip thru. ]
here are some selected quotes [edited for read-ability]: by Jara Handala Oct 19, 2018
"probably the most authoritative source on the FJC loan terms, the latest Pacifica auditor’s report, for FY2016, dated 31 May this year, produced by Regalia & Associates. This is what it says, in full:
“Loan covenants: Under the loan, the Foundation is subject to specific loan covenants, some of which are summarized as follows:
• Submission of audited financial statements within 120 days following the close of the fiscal year.
• Submission of paperwork signed by the CFO certifying compliance with all covenants within 120 days following the close of the fiscal year.
• The Foundation shall not make capital expenditures for its stations in excess of $150,000 during any fiscal year without the prior written consent of the lender.
• The Foundation shall not, except with the prior written approval of the lender, incur any debt in excess of $25,000 in any one instance other than customary trade payables.
• A ‘Reserve Account’ in the amount of $379,000 must be created.
• The Foundation must be in compliance wit4h [sic] every material provision of the Employee Retirement Income Security Act of 1974 (ERISA).”
(note 17, page 19 – http://pacifica.org/documents/financial/audit_2016.pdf )
Relevant are the first, second, & last terms. (The other three are repeated in the spurious summary of the loan, circulated under the authority of PNB chair ......)
FY2017 audited statements may be ready for FJC either side of Christmas. The 2018 are likely to extend beyond any second six-month compliance waiver FJC may grant:
bookkeeping disarray tends to be cumulative, becoming increasingly intractable, unearthing nastier surprises, bringing longer delays, sapping morale. The Pacifica accounting labyrinth will drop into a new dimension.... The antithesis of dizzy with success.
For 2018, will CFO-the-Third be Maxie-the-Third? [new ED hired ] Maxie’s spoken at four broadcasted meetings, & he’s no money man ..... Buzzwords: best practice (never a mention of satisficing practice); the network effect; curs’d be patchwork programming. Strangely quiet on diversity, #earsofcolor – but he knows the interests of the key people on the PNB, so he’s not going to go all identitarian when what’s needed is “the network effect”, a stress on *common identity*, not particularist identity. In any case, he doesn’t want to become embroiled in useless squabbles: for him a priority is managing his Pacifica time well so he can devote the necessary hours to his other money-making activities. So, many reasons why he won’t emulate Tommy-..... in being a party to a serious violation of the Pacifica by-laws: “neither the Secretary nor the Chief Financial Officer shall serve concurrently as the Chairperson of the Board or the Executive Director”
(Article 9, Section 1 http://pacifica.org/indexed_bylaws/art9sec1.html ).
The auditors, not surprisingly, refer to “CFO”, not ED, as the qualified Pacifica *employee* to take the responsibility, ...
something that Pacifica can’t contractually palm off to an agent, like Anita-from-NETA. This term was worded before Pacifica decided to outsource the bulk of the accounting work, so perhaps FJC will agree to a double certification by the ED & NETA, with the PNB deciding to de facto dissolve the position of CFO. As director.... knows, this is just one of those “technical things”.
The last term refers to a long-established member of the Pacifica herd, the pensions elephant. Ever-present, never spoken of – until that chilly Californian spring morning, when the IRS came knocking … & the DOL … & who knows who else. Just more of those “technical things”.
AND more comments from another posting
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