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Peninsula Symphony reports $500,000 missing

Original post made on Oct 11, 2013

The Peninsula Symphony is scrambling to raise pledges and donations after recently learning that the bulk of its endowment and operating funds -- about $500,000 -- has gone missing.

Read the full story here Web Link posted Friday, October 11, 2013, 10:59 AM

Comments (2)

Posted by Mr Advice, a resident of Blossom Valley
on Oct 11, 2013 at 11:32 am

I say The Fiddler took the $....


Posted by Steven Nelson, a resident of Cuesta Park
on Oct 14, 2013 at 10:34 am

This incident is an unfortunate warning to all who are directors of California non-profits. First - directors are responsible for the operations and the check on finances of the organizations they take formal responsibility for. Second, under California non-profit law*, directors are able to have access to all accounting books of the corporation. This means, the books, and all the finances, are not protected from individual director scrutiny. Any single director, thinking something 'fishy', is allowed to check the books without a majority vote of other directors!
To my way of thinking, there are also some directors of this non-profit, who should offer their resignations, so they may be replaced by better directors.
*(California Corporations Code, Title 1, div 2, part 2, chapter 13 = SECTION 6334)


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