madisonsmiley Posted April 15, 2018 Share Posted April 15, 2018 (edited) Offhand, YEA! appears to be in good financial shape. Their Form 990 for 2016, which is the most recent one I could find, shows revenue less expenses of $88,636 for 2016 and year end net assets (assets less liabilities) of $425,753. This is better than a number of other World Class Corps. Their return was prepared by an independent accounting firm, which is good, too. With a change in board and management like they've just experienced, it would be prudent for the new board to have an audit and whatever their accountant recommends so they know they have the best information and confidence they have a true and accurate understanding of where they are at. Edited April 15, 2018 by madisonsmiley 1 Link to comment Share on other sites More sharing options...
BRASSO Posted April 15, 2018 Share Posted April 15, 2018 (edited) 47 minutes ago, HockeyDad said: Really? Who is speculating? Other than you? How about you man up and instead say, "I speculate that there is some level of financial debt." Own your statements. Well, since you asked me..Some Cadets insiders are saying this ( I'll pm you on this ), not just " speculating " on it. On other social media, HockeyDad. I'm speculating they could be right. ( maybe they're wrong too... its possible.. who knows ) My " speculation " also points to DCI, as terms of the probation, is rather unusually looking into the financials there as well, and wants assurances that their financials are in order. Those 2 things allows us as outsiders to " speculate " on this possible debt that may or may not be present. I'll " man up " and say I'm speculating on this ( as I am ), if that makes you happy though. HockeyDad.... lol.... Edited April 15, 2018 by BRASSO 1 Link to comment Share on other sites More sharing options...
JimF-LowBari Posted April 15, 2018 Share Posted April 15, 2018 (edited) 2 hours ago, Jeff Ream said: At my company anything ethos or fraud you report regardless how many reports there have been made Understood, the problem was my boss didn’t think to come back after my first report to say it was being looked into but keep quiet for now. Think that was some contractors doing something shady security wise but was pre 9/11 so been a while to remember details. Edited April 15, 2018 by JimF-LowBari Link to comment Share on other sites More sharing options...
BRASSO Posted April 15, 2018 Share Posted April 15, 2018 (edited) 48 minutes ago, MusicManNJ said: Let's see what the new accountants and auditors find out. Then we will know for certain. Best reply yet on this, imo.... as it will speak with clarity and full transparancy as to where they are here in April, 2018, post George Hopkins/ former YEA Board. Edited April 15, 2018 by BRASSO 1 Link to comment Share on other sites More sharing options...
garfield Posted April 15, 2018 Share Posted April 15, 2018 (edited) 1 hour ago, BRASSO said: Good point. There is some speculation out there that there is some level of financial debt. Such speculation is bolstered by the fact that as part of the terms, DCI HQ will be looking at the current financials. That said, its assumed Doug Rutherford would have a pretty good idea of where they are at moment financially to state with some level of confidence that there are sufficient funds there to enable the Cadets to go out on their national tour in June. But its likewise true, that the final arbiter of that will really be DCI HQ itself. No, DCI's looking at the current financials doesn't "bolster" anything about the speculation of debt at Cadets. Will they see debt? Maybe. Is it important? Only to the extent that they can carry that debt. DCI is looking at the financials to convince themselves that Cadets can take the road safely and take care of their kids, whether that issue is a bank credit line or the invoice for the food deliveries. Speculation is not bolstered by DCI looking at Cadets' financials. This is that thing you do, Brasso, and this topic is too important to have speculation be "bolstered" by anyone, DCI or DCP. Edited April 15, 2018 by garfield 1 Link to comment Share on other sites More sharing options...
garfield Posted April 15, 2018 Share Posted April 15, 2018 (edited) 1 hour ago, Peel Paint said: One reasonable guess about DCI wanting to take a good look at YEA's financial records is not that they think the organization is on shaky financial ground but rather more of a ...hmmmm... situation. If it's correct to say that YEA was controlled to a high degree by George Hopkins with minimal, rubber-stamp oversight, and because there's evidence that Hopkins was engaged in criminal activity, then an audit of the books is something that should be done just to be sure there's also no evidence of siphoning funds, possibly using YEA funds to settle claims due to Hopkins' actions that should have been paid by Hopkins personally, etc. No one has said there is evidence of any of that; it just might be worth a double-check. Another reasonable guess, because it's a fact, is that, without a functioning BoD and with a dream of touring, DCI wants to make sure that the corps can pay for the touring expenses before they leave PA. This is done every year. DCI reviews finances of every DCI corps, and particularly the newer and smaller ones, to make sure they are not stretching themselves and putting their participants at risk. This is not tin-foil hat stuff in any year, and it makes perfect sense for DCI to be doing it now. IF DCI finds that revenue expectations don't match known expenses of tour, DCI will prohibit Cadets from participating in any DCI shows and Cadets will stay home (and maybe do local shows and exhibits to raise a small amount of funds). Edited April 15, 2018 by garfield Link to comment Share on other sites More sharing options...
HockeyDad Posted April 15, 2018 Share Posted April 15, 2018 42 minutes ago, BRASSO said: Well, since you asked me..Some Cadets insiders are saying this ( I'll pm you on this ), not just " speculating " on it. On other social media, HockeyDad. I'm speculating they could be right. ( maybe they're wrong too... its possible.. who knows ) My " speculation " also points to DCI, as terms of the probation, is rather unusually looking into the financials there as well, and wants assurances that their financials are in order. Those 2 things allows us as outsiders to " speculate " on this possible debt that may or may not be present. I'll " man up " and say I'm speculating on this ( as I am ), if that makes you happy though. HockeyDad.... lol.... Well, since others on this thread are pointing out second and third party hearsay that's unfairly affecting others, I think it's time to stop saying "some are saying" or "I have heard", etc. Say what YOU think. If you think you can't repeat with attribution something you heard elsewhere then better to not mention it at all. 3 Link to comment Share on other sites More sharing options...
George Dixon Posted April 15, 2018 Share Posted April 15, 2018 51 minutes ago, Peel Paint said: One reasonable guess about DCI wanting to take a good look at YEA's financial records is not that they think the organization is on shaky financial ground but rather more of a ...hmmmm... situation. If it's correct to say that YEA was controlled to a high degree by George Hopkins with minimal, rubber-stamp oversight, and because there's evidence that Hopkins was engaged in criminal activity, then an audit of the books is something that should be done just to be sure there's also no evidence of siphoning funds, possibly using YEA funds to settle claims due to Hopkins' actions that should have been paid by Hopkins personally, etc. No one has said there is evidence of any of that; it just might be worth a double-check. That’s the correct view imo Link to comment Share on other sites More sharing options...
BRASSO Posted April 15, 2018 Share Posted April 15, 2018 (edited) 38 minutes ago, garfield said: No, DCI's looking at the current financials don't "bolster" anything about the speculation of debt at Cadets. Will they see debt? Maybe. Is it important? Only to the extent that they can carry that debt. DCI is looking at the financials to convince themselves that Cadets and take the road safely and take care of their kids, whether that issue is a bank credit line or the invoice for the food deliveries. Speculation is not bolstered by DCI looking at Cadets' financials. This is that thing you do, Brasso, and this topic is too important to have speculation be "bolstered" by anyone, DCI or DCP. Relax cowboy. The speculation that the Cadets might be carrying debt here in April 2018 is something shared by even some Cadeters with supposed inside info on this themselves. The world is not coming to an end. I just posted this morning above that the new YEA BOD chairman, Doug Rutherford told a reporter 48 hours ago that he is confident the Cadets 2018 Corps will be out on tour. I said I believe him at this moment in time... and giving him the benefit of the doubt. The fact that YEA could be in some level of financial debt here in April 2018 is being said... and publically too... on other social media by Cadeters, and around the water coolers by others. If that speculation had not caught up to you this morning, I have no concerns with that. Maybe its a slow news day for you, or maybe the Cadeters are way off the mark on this too... all possible. But don't shoot the messenger here today ( me ) on speculating on what others are speculating on today. Relax, the DCI HQ will monitor these financials soon enough, and everybody will know one way or the other. Until we learn otherwise, 'll assume the speculation of debt problems, even if true, is not insurmountable by the new YEA. " speculation " is also out there that donorship is up, post Hopkins too. So take your trigger finger away from your holster today with me cowboy, as speculating as to why DCI is now looking inside YEA/ Cadets with their financials, coupled with what some Cadeters with inside knowledge are saying about POSSIBLE debt within YEA. Cadets here in April, 2018, is worth discussing and " speculating about " on a Drum Corps Discussion Board, imo. Besides, like you in this respect, I wouldn't have a clue what the Financials of YEA/ Cadets are here in 4/2018. I'm only " speculating " on what others are saying regarding this topic here and on other social media now. Edited April 15, 2018 by BRASSO Link to comment Share on other sites More sharing options...
Terri Schehr Posted April 15, 2018 Share Posted April 15, 2018 Wasn’t there a parting shot email from a person who resigned from USBands during the last marching band season? I seem to remember reading it. 2 Link to comment Share on other sites More sharing options...
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