Source thefranklinnewspost.com We’re talking a lot of money and several questions need to be asked and answered: Is there a real paper trail to account for all that money? What’s the current balance? Is the anonymous donor aware of the commission paid? Was the money properly accounted for? Was there a second previously unknown bank account for the non-profit? What are the tax consequences for the money loaned to the Harvester by the non-profit?
But, why would the Harvester need a loan in the first place? According to their financials, in 2018 the Town of Rocky Mount contributed $446,385.85, which was more than budgeted. But, who’s keeping count? The $100,000 was very generous and we hope fiduciary responsibility is observed.
What were the terms of the loan(s)? What’s the payback schedule? What is the collateral? More importantly, why don’t we see this large amount of money on the 2018 financials that was released to the public? There were very few financial details listed in the return, but three caught my eye. There was an anonymous donation of $100,000, a $5,000 commission paid, and $73,459 for “Underwriting of Loan to the Harvester Performance Center.”
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