[Vision2020] 08-06-04 Daily News: INK: Concerns arise about chamber's finances

[Art Deco aka W. Fox]

INK: Concerns arise about chamber's finances



Vera White, Daily News



A longtime member of the Moscow Chamber of Commerce recently called the INKster
to express concern about what he calls "the financial decline" of the
organization. To that end, the INKster obtained a copy of the chamber's
financial records as of May 31, 2004.

Some of his concern centered around the activities for the Chamber Foundation, a
nonprofit educational arm created several years ago for chamber projects. The
chamber's balance sheet, under a listing marked "Long Term Liabilities," shows
$8,990 "payable to Chamber Foundation." Under "Equity," the figure for "Retained
Earnings" is listed as a minus-$74,822,93, "Net Income" as $43,764.89, for a
total of minus-$31,058.04.

"The $8,990 Chamber Foundation is listed as a current asset, but the chamber
balance sheet lists it as a long-term liability," said the puzzled member. "With
the retained earning a minus-$74,822.93, and a net income of $43,764.89, gives
the chamber a total minus equity position of $31,058.04. It doesn't seem right."

The INKster asked for a clearer definition of the Chamber Foundation.

"The funding comes from chamber member donations for chamber projects," he
explained. "Another long-time member admitted that he didn't know what the
projects were. We did some fund-raising through the foundation for building
renovations which has yet to occur."

The member also questioned the $466,806.72 figure listed on the Statement of
Cash Flows under "Unearned Dues."

"I don't know how we got to the point that we had this amount," he said.
"According to the Aging Summary, this is an accumulation of three or four years,
but we've been carrying businesses that aren't in business anymore or are not
paying their dues."

The INKster was told that after the former bookkeeper was terminated, the
chamber had "contracted out of house" for bookkeeping services. The information
was furnished to the accountant by interim office manager Connie Kimmell, wife
of chamber Executive Director Paul Kimmell. The chamber replaced Connie Kimmell
last week with Bethany Johnson.

"I hope the new chamber board and president (Janice McMillan) takes this as a
wake-up call," said the disgruntled member. "I would like to note the recent
problems faced by the Hayden Chamber of Commerce. They are ready to file for
bankruptcy because of the lack of oversight by the board."
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