The Handling of Other People’s Money
In all the years I’ve been writing and blogging, I’ve run very few ‘blind items’. I don’t do it because there’s so much good stuff to write about that I can openly source that I don’t have to resort to “unnamed officials” who spoke on the condition of anonymity. But this is not one of those times.
According to some closely placed sources who spoke on condition of anonymity, down at Allentown City Hall, the phrase, “Act 47” is reverberating through the hallways. You may remember that just two weeks ago, The Morning Call reported and this blog commented on the fact that the $10 million borrowed bailout isn’t working quite the way we were all led to believe it would. With a lot of bills coming due in the next year or two, the option of entering the state’s municipal fiscal distress program may be looking like it might be the only way out.
And then there’s the story about a regional organization that decided to create a non-profit foundation so they could give money away to projects they wanted to support. Just one little problem: The foundation has been giving away more money than they’ve been taking in. Where did they get the money from? They’ve been borrowing it from the organization with which they’re affiliated. The foundation is now in debt to the “mother ship” for well in to six figures. So much so that at least one donor who became aware of the situation has decided to not honor this year’s pledge.
Looks like there’s going to be a lot of talk soon about how people handle other people’s money. Where is Donald Trump when you need him?