Skip to content

R PAUL MARTIN, CHAIR OF THE WBAI FINANCE COMMITTEE, DOES NOT KNOW ANYTHING ABOUT FINANCE

October 7, 2012

 

CERTIFIED MAIL 7011 0470 0001 5108 5932          

                                                                             Edward Manfredonia

                                                                             Financial Reporter

                                                                             8337 St. James Avenue

                                                                             Apt. 4B

                                                                             Elmhurst, NY11373

                                                                             12 January 2012

Ross Wisdom CPA, PLLC

29 Broadway

Suite 1412

New York, NY 10006

 

Dear Sir:

 

I am a member of the WBAI Finance Committee.  Federal law states that the salaries of the five highest positions at a non-profit must be disclosed.  The salaries, vacation benefits, credit card benefits, pensions benefits, etc. of the five highest positions at Pacifica have not been disclosed.  This is a violation of federal law.

 

It is your responsibility to ensure that all Generally Accepted Accounting Principles are followed- even though it appears that the position of Treasurer in the Pacifica radio stations are given to individuals, who are part of the ruling party.  This also is a violation of GAAP.  The Treasurer is supposed to be independent and qualified.

 

Having been self-employed as both a small business owner and as a former member (market maker) of the American Stock Exchange and proclaimed a whistle-blower, I am aware that self-dealing is verboten for a nonprofit.  I have enclosed for your perusal a copy of the 26 April 1999 BusinessWeek cover story, “Scandal On Wall Street.”  This article exposed illegal trading at the American Stock Exchange.  More than one page of this article is devoted to my efforts to expose crime at the AMEX.

 

The WBAI Finance Committee is supposed to oversee the financial statements of WBAI.  Thus the Treasurer of the LSB cannot be the Chair of the Finance Committee.

 

Inexplicably there are no financial or accounting requirements to be Chair of the Treasurer of the WBAI Local Station Board or to be Chair of the WBAI Finance Committee.  R Paul Martin has both positions at WBAI.  Martin is a total accounting innumerate.  (I possess an MBA in Finance, but I am unfamiliar with EXCEL.  I used LOTUS years ago to keep financial records, but that was 20 years ago and do not remember anything.)

 

Martin’s lack of accounting knowledge is so barren that he does not have any idea of the accounting concepts of either depreciation or amortization- even though both are shown on the Pacifica Foundation financial statements for 2010.

 

Furthermore Martin does not know how loans are to be recorded on a financial statement; he believes that a loan does not have to be recorded if he determines that it is a wash. 

 

In accounting there is no wash.  Everything must be recorded. 

 

                                                                             Sincerely,

 

 

                                                                             Edward Manfredonia

Advertisements

From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: