Berkeley-After a literal slew of “special meetings on finances”, the Pacifica National Board finally came to the conclusion they had to pay the fiscal year 2014 audit fee – 22 months after the end of that fiscal year. At a few minutes to midnight, in a bit of a hysterical rush, they agreed to snatch money from anywhere in the network they could find it, starting with a $50,000 bequest gift to KPFK that reportedly came in just a few days ago. The motion was amended repeatedly, most significantly to authorize another grab for a $38,000 payment to the contractor for the board elections. The total amount will range from $68,000 to $117,000, depending on what portion of the $67,000 remaining balance due on the audit fee will be enough to pry the audit from the unpaid audit firm. The motion may have been motivated by the looming August 11 deadline on the third extension of board liability insurance that protects the assets of board members from litigation directed at Pacifica.

The network’s financial crisis is summarized in this bullet point list prepared for the Pacfica National Board. Continue reading Better Pay The Audit →