SNHS is just one of many non-profits that will be exposed for financial misdeeds, tax avoidance schemes, and possibly fraud.
The West Bank Community Development Corporation, for example, received a $1.1 million unidentified contribution during the tax year ending 6/30/2000. In the subsequent year, "loans to related parties" of $828,959 appeared on the return. Related parties listed included several for-profit and non-profit entities as follows: Neighborhood Commercial Limited Partnership Neighborhood Ventures Corporation Neighborhood Ventures Limited Partnership Parcel B Limited Partnership Riverbluff Community Development Corporation Riverside Homes of Minneapolis Limited Partnership Seven Corners Community Housing Corporation Seven Corners Housing Limited Partnership Watchcat Housing Corporation WBCDC Riverside, Inc. West Bank Community Housing Corporation These entities don't even include the for-profit Mutual Management Company or Brighton Development Corporation who provides "accounting" services. The CPA firm who "reviewed" the financial data in December 2000 states "The West Bank Community Development Corporation and Seven Corners Community Housing Corporation DID NOT ACCURATELY reflect intercompany transactions subsequent to the closing for Riverside Homes of Minneapolis Limited Partnership. "Reportable conditions involve matters coming to our attention relating to significant DEFICIENCIES...." Interesting note: I have been studying several Minneapolis non-profit developer's tax returns and have found a common thread among several of them - the same accountant. For now, I won't name him - a bigger story is forming. On the subject of taxes: These city-funded "forgivable loans" are taxable income to the recipients, I presume, at the time they are forgiven. Does the City provide for payment of the taxes too? Also, on the City's financial reports/budgets, where do these loans/gifts/grants show up? Vicky Heller Cedar-Riverside and North Oaks TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
