Sutasaurus Posted January 19 Share Posted January 19 25 minutes ago, IllianaLancerContra said: And bingo is a cash operation….. Smells like someone or some folks are covering up cash inconsistencies…. 1 Link to comment Share on other sites More sharing options...
scheherazadesghost Posted January 19 Share Posted January 19 (edited) 3 hours ago, Jurassic Lancer said: I was in accounting for 15 years. This is the first qualified opinion I have ever seen. And yes, it means SCV’s accounting is really ####ed up. Just did my homework on the types of opinions. So, there are two more "worse" kinds of opinions. Does that present any kind of hope? It doesn't seem like the firm is flying red flags or distancing themselves, per se, right? Guess this is for you and @Rudy18 and RL. Edited January 19 by scheherazadesghost Link to comment Share on other sites More sharing options...
Terri Schehr Posted January 19 Share Posted January 19 2 hours ago, Sutasaurus said: Smells like someone or some folks are covering up cash inconsistencies…. I’m going to hate myself for saying this but it makes me think of what went on in the count room in “Casino”. 2 Link to comment Share on other sites More sharing options...
Jeff Ream Posted January 19 Share Posted January 19 6 hours ago, Jurassic Lancer said: OK Unable to verify Bingo Revenue and related Expenses, Fixed assets and related Depreciation, Cash on hand, and Accounts Payable. Did miss I anything? Wow. no you missed a lot less than they did it seems Link to comment Share on other sites More sharing options...
Jeff Ream Posted January 19 Share Posted January 19 3 hours ago, Terri Schehr said: I’m going to hate myself for saying this but it makes me think of what went on in the count room in “Casino”. well, not sure anyone got hands broken. 3 Link to comment Share on other sites More sharing options...
IllianaLancerContra Posted January 19 Share Posted January 19 11 hours ago, Sutasaurus said: Smells like someone or some folks are covering up cash inconsistencies…. There is an interesting philosophical question on the Reddit discussion: Can you cook the books if you don’t keep books in the first place? 4 Link to comment Share on other sites More sharing options...
Jurassic Lancer Posted January 19 Share Posted January 19 13 hours ago, scheherazadesghost said: Just did my homework on the types of opinions. So, there are two more "worse" kinds of opinions. Does that present any kind of hope? It doesn't seem like the firm is flying red flags or distancing themselves, per se, right? Guess this is for you and @Rudy18 and RL. Oh, the red flags are right there in the opinion. It seems they weren’t able to truly verify anything of significance. Is there hope? Sure there’s hope, but it starts by getting their accounting in order, and that will be no small undertaking, and also getting their internal controls in order, which will require a lot of institutional discipline. 2 Link to comment Share on other sites More sharing options...
JimF-LowBari Posted January 19 Share Posted January 19 (edited) All right I’ll post it here (ducks 🙄). Hope SCV is open with the members and potential members from here on out with what is going on behind the scenes. Today anyone interested can use google and social media to find (right or wrong) info on finances, safety, etc. Not like my day when only way I knew about red ink was from riding with two BoD members and listening. Members spend lot of money to join so deserve to hear from the horses mouth. Was member of a corps when they came back twice so interested how SCV handles this extra baggage Edited January 19 by JimF-LowBari 3 Link to comment Share on other sites More sharing options...
Richard Lesher Posted January 19 Author Share Posted January 19 (edited) The question/accusation is often posed to me why I do not like the leadership of SCV? Why do I keep at it? Over the last year it has been a discovery process of the truth. The truth that has been withheld and guarded from stakeholders (and I presume some board members as well) of what has actually been going on. What it comes down to is millions is unaccounted for as a function of fiduciary irresponsibility among those professionally trained, professionally experienced, and entrusted with the responsibility. Those people and their friends (likely unwittingly) through their actions have overtly and continue to prevent the discovery process from happening. That’s what it comes down to. I had to endure a year of knowing the obvious and wait out the inventible for those in denial. Remember…………. The truth of the audit is two years old. That is the truth that was behind the words in September 2022. Had the audits been done on time then fiscal year 2021 would have been identified as a problem at Sept-2022 at that time, and a whole year of bingo irregularities could have been avoided (do folks think 2023 was any better than 2022?). What has held true of all things like this I analyze is the truth is worse than I think it is. I can only articulate an opinion on data that I have on hand, and I will always have incomplete data, and that goes for the 2005 Bingo theft. I only calculated $800K over three years, but once the Bingo Manager and General manager were out of the way total revenue improved $1.3M a year. So, if I look back at all my warnings as to how bad things are as we know it now, I now see that things are actually worse than I thought last year this time, and I have a new level of worry. I never said SCV was missing fixed assets and equipment. The CPA audit said that. They can’t account for it. I never said SCV was missing cash or can’t account for its money. The CPA audit said that. I hadn’t really dig unto the Bingo concerns. I only had a single data point (draft of 2021), but now that is a persistent trend and it correlates to the changes in Bingo Operations, the Bingo Manager, and his work situation from Hawaii. Holy mother of god, Bingo is totally sideways and I can quantify that in the millions. Now I can say Federal loans and grants were needed to cover the losses in bingo. That’s going to cause a problem with Federal Authorities. That’s a $675K. Those funds were procured while delinquent without audits and are less than the straight accounting loss of -$808K in Bingo payouts. Even if Bingo was operating at a break even 0% profit SCV would have $808K more, and those federal loans and grants would not have been needed. Now, I am saying things are WAY WORSE than we thought they were. The above is my new baseline, and things are worse because there is still all of 2023 that is now behind us that we have no verifiable data for. Are folks going to believe the core of SCV leadership that oversaw 2021 and 2022 as audited, and still in place in 2023 acted in an appropriate manner the entirety of 2023? They didn’t even get audited financial data for 2021 and 2022 until last week (two years after the fact). What financial information do you think they were working with in 2023????? Are folks saying that while the auditors don’t call out proof and it is not verifiable that there is a possibility there is a room filled with millions of dollars of undeposited Bingo cash that SCV will just stumble upon (oh look, we found it all)? No………. SCV leadership, the leadership at the core of letting things get to this point have continuously prayed on the Alumni’s limited information, limited financial education, and their love of SCV in order to manipulate their oversight of SCV for their own personal gain to continue unchecked. Net Assets decreased over $3,000,000 in 2022. The Vanguard Cadets will never return with Bingo performing as it currently is. Vanguard is not technically a member of DCI Vanguard’s own auditors cannot verify anything of material significance for the last two years audited, and 2020 will not get audited as a function of reporting income less than $2M. Total Bingo is netting millions less while reporting millions more in Gross Revenue. Pull Tab sales are covering losses in traditional bingo game. What is the measure of competence and success folks are using? What justification is being rationalized to overlook all this nonsense? Edited January 19 by Richard Lesher 5 Link to comment Share on other sites More sharing options...
greg_orangecounty Posted January 20 Share Posted January 20 In my mind, inadequacies in Santa Clara's accounting records for 2021 & 2022 fall into the category of "bad luck & bad choices", which their new CEO already admitted to. If that doesn't seem plausible anyone - not just "stakeholders" - can file a complaint with CA's Registry of Charities, BBB, Department of Consumer Affairs, and/or the Santa Clara County's D.A. office. Link to comment Share on other sites More sharing options...
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