NACD financials seperate thread

[karstdvr]

My apologies to Rick, my comments in the "Standard's Violation" thread regarding access to books and NACD finances didn't belong there,so I started a new thread.

First off if as a 20+ year member I have some concerns for the organization, have some poignant questions, and if this is considered stirring the pot, then I am stirring the pot. Where some people would like to see the NACD dead and gone (and they never state their membership status), I for one have seen the NACD do very good things, and their existence can be a plus. You have invited us to use social media, and this forum,so I am taking advantage of it.

In the other thread I appreciate you showing how a member can request to see the NACDs financials. As I mentioned earlier I do know someone that tried 3 times to access the NACD records and got turned down. This person does view this forum, so if they would like to chime in I would rather they speak for themselves than paraphrase their comments. FWIW, I am unsure if membership status is required to view a nonprofits financials, and requiring this may be in violation of IRS law.

In the 990 files in 2013 the schedule A has shown a significant drop in revenue: 2009 72k, 2010 48k, 2011 48k, 2012 47k, 2013 7k.(http://990s.foundationcenter.org/990_pdf_archive/592/592475280/592475280_201312_990EZ.pdf) What I have a question about is the sustaining funds that were donated to the NACD, and earmarked for the purpose of purchasing some property. I, along with quite a few other people donated to this fund, and would like to see how this has been separated from the general funds, and the future goal of this fund.
Is there a separate account for this money? or has this been lumped in with the general funds for expenditure?

---------- Post added July 17th, 2015 at 04:09 AM ----------

The procedural process was provided as requested. To my knowledge there is no current request to review the records being made by any member. To make a statement that such a request was made three (3) times and was/is being denied or "blocked" ? Yeah I have to question that one.

To My knowledge No request has been made to review any records since 2012. At that time the individual who made the request following the procedure was permitted open access to review the records.

From what was told to me the request was blocked by the NACD lawyer. The person who made the request does visit these forums and if they chose to add to this comment I would invite them.

 

[GDI]

karstdvr I am not sure about exposing financials here however they are always part of any BoD meeting agenda and since the public may attend the general meetings. I am sure we can mutter through. Let re-state the by-law policy and procedure direct from the NACD manuals:

NACD By-Laws para 10.04 Inspection of Books and Records

All books and records of this Corporation may be inspected by any Member, or his/her agent or attorney, for any proper purpose at any reasonable time on written demand under oath stating such purpose
A question came up what is "proper purpose"? [FONT=arial, sans-serif]This is a standard provision which requires that the person requesting corporate records state the reason why they want to review the records. The reason has to be a lawful one and not just to harass the corporation.[/FONT]

[FONT=arial, sans-serif]More towards your questions. There are no doubt many reasons why or what is causing the reduction of the revenues generated over this period. I do not think we could point to any single reason as to the cause(s). It does show the system is broken and needs to be fixed.

[/FONT]The Sustaining Contributor is intact and the monies separated from the NACD operations funds. The intent is still to procure a property.

Aside from requesting to review the corporate records using the above mentioned procedure, financial reports are always provided during each quarterly BoD meeting. It is not uncommon for questions to be asked at these meetings. I personally have no problem with taking questions from the floor during these meetings or in the event of a member not being able to attend to ask the question on their behalf. They could e-mail me the questions.

At the annual seminar the Secretary Treasurer gives a more detailed fin report.

 

[karstdvr]

Thank you for the reply. I hear rumors being said that the NACD has used many of their financial reserves, and that money collected for the sustaining fund is being used to support the NACD. I don't trust rumors, that is why I am asking your directly with poignant questions. This is a question out of respect, and not stirring the pot,but refusing to trust grapevine sources. Orie has been good about sending emails with documents about the issues between the NACD and Rob Neto, to dispel the rumors abound about NACD finances,why not send a member email about this? What about a balance sheet, and something that denotes how much is in the sustaining funds?

 

[GDI]

That could and should probably be done, Once the website is back up such reports and minutes should be available to view on a quarterly basis