Richard Lesher Posted January 13 Share Posted January 13 1 2 Link to comment Share on other sites More sharing options...
Richard Lesher Posted January 13 Author Share Posted January 13 (edited) I congratulate Russ (the new CEO) getting the audits pushed through that the CFO/Treasurer/President couldn't do in the last four years. I caution them that Bingo is still operating upside down, and the Vanguard Cadets will never be able to return until they fix whatever is going on with Bingo (why did they make $1.5M less in face of earning $6M more in revenue). I caution that recent accomplishments of the Board of Directors are: 1) Reduction of SCV's net worth by $3M in a single year. 2) The perpetual termination of Vanguard Cadets. 3) The entire illegal operation of Bingo for the Fiscal year of 2023 (they started the year in a negative liquidity position, there were no reserves to ever pay bingo staff and meet current debts, and there were no sufficient non-bingo income streams to cover that). 4) SCV is still not a member of DCI. All of those things still happened, and bingo remains unreconciled regarding 50% reduction in net income in face of $6M more in revenue (for 2022). I hope irrational excitement doesn't take over. ************ My spouse couldn't be happier that I have no justification to keep focusing on this. Edited January 13 by Richard Lesher 3 2 Link to comment Share on other sites More sharing options...
craiga Posted January 13 Share Posted January 13 Well, this seems significant. Link to comment Share on other sites More sharing options...
DAYGO Posted January 13 Share Posted January 13 Good, now somebody lock down the other thread so we can start a new one with 2024 outlook, camp updates, music and show ideas, etc. 2 1 Link to comment Share on other sites More sharing options...
Barneveld Posted January 13 Share Posted January 13 12 minutes ago, Richard Lesher said: I congratulate Russ (the new CEO) getting the audits pushed through that the CFO/Treasurer/President couldn't do in the last four years. I caution them that Bingo is still operating upside down, and the Vanguard Cadets will never be able to return until they fix whatever is going on with Bingo (why did they make $1.5M less in face of earning $6M more in revenue). I caution that recent accomplishments of the Board of Directors are: 1) Reduction of SCV's net worth by $3M in a single year. 2) The perpetual termination of Vanguard Cadets. 3) The entire illegal operation of Bingo for the Fiscal year of 2023 (they started the year in a negative liquidity position, there were no reserves to ever pay bingo staff and meet current debts, and there were no sufficient non-bingo income streams to cover that). 4) SCV is still not a member of DCI. All of those things still happened, and bingo remains unreconciled regarding 50% reduction in net income in face of $6M more in revenue (for 2022). I hope irrational excitement doesn't take over. ************ My spouse couldn't be happier that I have no justification to keep focusing on this. DCP is just as happy. 😉 1 Link to comment Share on other sites More sharing options...
scheherazadesghost Posted January 13 Share Posted January 13 This is all I ever wanted since discovering the delinquency months ago. Compliance is a low bar but a very important one that I'm grateful for. My mentor always said a single accomplishment can be dismissed as a fluke so now, keep it up. 👍🏽 This does nothing to change my concerns about safeguarding of members and alum, which is now just policy on paper and must also be demonstrative and consistent. Dogged alumni oversight continues. 2 1 Link to comment Share on other sites More sharing options...
Jurassic Lancer Posted January 13 Share Posted January 13 All I can say is Thank God … let’s move beyond this sinkhole to a more promising future. 5 Link to comment Share on other sites More sharing options...
lawdn Posted January 13 Share Posted January 13 Hallelujah! So happy for MMs and the organization this cloud has lifted. Hopefully hard lessons have been learned and taken to heart so VMAPA can chart a clear course moving forward. We can all look forward to welcoming SCV back to competition this summer! 2 Link to comment Share on other sites More sharing options...
IllianaLancerContra Posted January 13 Share Posted January 13 Good now: SCV - Don’t EVER get yourself in that kind of situation again!! 3 Link to comment Share on other sites More sharing options...
Jeff Ream Posted January 13 Share Posted January 13 2 hours ago, Richard Lesher said: I congratulate Russ (the new CEO) getting the audits pushed through that the CFO/Treasurer/President couldn't do in the last four years. I caution them that Bingo is still operating upside down, and the Vanguard Cadets will never be able to return until they fix whatever is going on with Bingo (why did they make $1.5M less in face of earning $6M more in revenue). I caution that recent accomplishments of the Board of Directors are: 1) Reduction of SCV's net worth by $3M in a single year. 2) The perpetual termination of Vanguard Cadets. 3) The entire illegal operation of Bingo for the Fiscal year of 2023 (they started the year in a negative liquidity position, there were no reserves to ever pay bingo staff and meet current debts, and there were no sufficient non-bingo income streams to cover that). 4) SCV is still not a member of DCI. All of those things still happened, and bingo remains unreconciled regarding 50% reduction in net income in face of $6M more in revenue (for 2022). I hope irrational excitement doesn't take over. ************ My spouse couldn't be happier that I have no justification to keep focusing on this. here's more details posted today. it seems they did find legal ways to fund bingo. very glad to see this news 2 1 Link to comment Share on other sites More sharing options...
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