I will post in the finance section what I believe happened to the endowment, but at the end of the day it was the failure of the board of trustees to do their fiduciary duty that has the Academy on life support. I look at the photos of all these people in their gowns all lined up so proud and distinguished when it appears that few did their fiduciary duty to protect and preserve the endowment….the very life-blood of the school. Just a group of yes men and women who rubber stamped anything put in front of them. It is truly a stunning failure by so many for so long. The questions to ask are why the board did not do their fiduciary duty? Did they understand what their role was? Who was choosing the board? Were they independent of the administration or were they actually controlled by it? So many questions must be answered. And yes, I hope people will be held accountable for this. People need to be held accountable for their grossly negligent actions.
Thank you, again, Retired CPA. Your contributions to this blog have been amazing.
Let’s hope that participants at the upcoming “information sessions” on April 7 and 9 will ask these questions. And that the trustees give honest answers.