Pacifica Foundation Audit of February 5, 2002
At the interim Pacifica National Board meeting held in New York City on January 11-13, 2002, the first motion passed was to accept a gift of $20,000 from an anonymous donor for the purpose of hiring the accounting firm of Kimerling, Margulies & Wisdom, Ltd. to determine the state of the Pacifica Foundation's finances no later than January 31, 2002.
This audit was done, and it reveals a Pacifica Foundation that is in a precarious financial situation. The audit attempts to show the financial condition of the Pacifica Foundation as of December 31, 2001. As is noted in the cover letter, however, the scope of the audit was limited by both the two week time limit and the fact that the general ledger, accounts payable and bank reconciliations had not been kept up to date since October 1, 2001.
It has previously been reported that the Pacifica Foundation is $4.8 million in the red. This figure appears on page 6 of the audit.
The Pacifica Foundation web site gives only a copy of a fax of the bare bones audit but says, “Additional text and the recommendations of the auditor will soon follow.” A number of things stand out from the raw numbers, however:
For the audit in .pdf format CLICK HERE. This file, for which you will need the free Adobe Acrobat Reader below, is 863 KB in size.
For those who prefer not to use the Adobe software, here is the audit in a set of images that any browser can read.
These financial matters are so grave that the iPNB held a special meeting by telephone conference call about them on February 15, 2002. Here is a draft of the minutes of that conference call meeting.
This page will be updated as events warrant.
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