WHERE WAS THE AUTHORIZER? GTA BOARD?
Over a seven-year period (beginning in 2009), the Grand Traverse Academy carried on its books large amounts classified variously as “amounts receivable from sources other than governmental units”, “prepaid expenses” or “related party receivables”.
This information was made available contemporaneously to the board, the general public and even weak-kneed print reporters.
In its 2010 audit, the Grand Traverse Academy revealed it was owed $2,715,251, an amount classified as “amounts receivable from sources other than governmental units”.
The 2011 audit revealed that the Grand Traverse Academy was owed a whopping $2,500,000 from “related parties”, the first use of that classification. In 2012, the “related party receivable” amount had ballooned to well over $3.5 million dollars. That “related party receivable” amount was attributable to Steven Ingersoll, who admitted his debt during a May 20, 2013 Grand Traverse Academy board meeting with Mark Noss, Kaye Mentley and attorneys from the Thrun Law firm.
So why were the obvious red flags ignored?
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Later today, an exclusive analysis of the Grand Traverse Academy's descent into deficit.
Over a seven-year period (beginning in 2009), the Grand Traverse Academy carried on its books large amounts classified variously as “amounts receivable from sources other than governmental units”, “prepaid expenses” or “related party receivables”.
This information was made available contemporaneously to the board, the general public and even weak-kneed print reporters.
In its 2010 audit, the Grand Traverse Academy revealed it was owed $2,715,251, an amount classified as “amounts receivable from sources other than governmental units”.
The 2011 audit revealed that the Grand Traverse Academy was owed a whopping $2,500,000 from “related parties”, the first use of that classification. In 2012, the “related party receivable” amount had ballooned to well over $3.5 million dollars. That “related party receivable” amount was attributable to Steven Ingersoll, who admitted his debt during a May 20, 2013 Grand Traverse Academy board meeting with Mark Noss, Kaye Mentley and attorneys from the Thrun Law firm.
So why were the obvious red flags ignored?
Later today, an exclusive analysis of the Grand Traverse Academy's descent into deficit.