New Albany CHDO - Community Housing Balance Sheet Summary
June 30, 2009
ASSETS
Current Assets
Checking/Savings
PNC Account..............................$6,680.00
BB&T Checking..........................$301.00
Check @ National City................$78.00
Construction @ National City......$156.00
Community Bank chkg...............$33.00
Money Market @
National Bank...........................$28.00
National City Limited
Partnership..............................$70.00
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Total Checking/Savings............$7,346.00
* Other Current Assets
non-recoverable costs.............-$1,500,708.00
CHDO Loan...........................$10,913.00
* Construction in Progress.......$3,311,220.00
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Total Other Current Assets......$1,821,425.00
Total Current Assets...............$1,828,771.00
Fixed Assets
Equipment............................ $93.00
Total Fixed Assets..................$93.00
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Total Assets...........................$1,828,864.00
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other current Liabilities
UEZ Credit Line.....................$7,900
Payroll Liabilities..................$6,667
Project Liabilities..................$1,831,657
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Total Other Current
Liabilities.............................$1,846,224
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Total Liabilities....................$1,846,224
Equity
Misc...................................-$524.00
Opening Bal. Equity............-$7,412.00
Retained Earnings..............-$15,035.00
Net Income........................ $5,512.00
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TOTAL EQUITY.................-$17,359.00
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TOTAL LIABILITIES
& EQUITY..........................$1,828,865
Freedom Of Speech would like to ask, "have they cooked the books" on Linden Meadows Project?
After reviewing the CHDO Financial Report above, questions and red flags popped up.
* Construction in Progress - $3,311,220
There appears to be "NO" construction in progress right now [we suggest you ride over and see for yourself].
Who made the appraisal that $3,311,220.00 construction is in progress?
Are the questions we have listed on CHDO's Balance Sheet Summary the concerns that prompted the current "federal investigation" of the New Albany CHDO?
Is it true Ted Fulmore, CHDO Vice President and John Miller, CHDO Director have resigned?
We think it is not RIGHT that the CHDO Board and the City of New Albany are trying to place blame for the failure of the Linden Meadows Project on the neighbors who fought for their ball park.
"Shame on each one of You CHDO members, and everyone CONNECTED with this Project!"
What we've always wanted to know is "how in the hell they've gotten away with as much as they have and all they have" all these years?
One final question: Where did all the Bank money, HUD money and Redevelopment money go?
footnote: Questionable Practices: Follow the Money - Part 2, next week.
