Does this pass the smell test??
The other night the board of the DNBIA presided over a membership meeting which saw the membership vote to dissolve the organization. Blaming the city for not providing matching funding is being given as the reason for not being able to carry on, it has nothing to do with the management of the organization.
The membership was provided with a copy of last years financial statement (ending June/16) and an unsigned budget which shows funding to date. There was not however, a proper financial statement presented for the period from July 1 2016 to the date of dissolution.
It was also disclosed that the sum of $25,000 had been set aside for some purpose and that the hard assets of the society had been given away by the members of the board without any accounting to either the membership or the City of Nanaimo.
Nanaimo taxpayers have a stake in this little drama
The DNBIA has for many years benefited from a grant which matched the BIA levy courtesy of Nanaimo taxpayers. It could therefore be argued that the Nanaimo taxpayer has an interest in any funds that have not been used for operations as well as any of the physical assets owned by the society.
Hopefully some of our Councillors will look into this matter in the interest of protecting the interests of Nanaimo taxpayers.
A few questions:
- Where is the financial statement showing how funds were used from July 1/16 to the date of dissolution?
- What is the value of the assets that seemingly have been given away at the whim of the board?
- Are directors personally responsible for any misuse of finances or assets which have been in part paid for by the taxpayers of Nanaimo?
- Are Nanaimo taxpayers entitled to 50% of the unused operating funds, and 50% of the value of the assets held by the society?