Tangled Finances and the Ed. Partnership’s Demise
It appears that the collapse of the Education Partnership may have more to it than a drying up of revenue:
The Education Partnership, an advocacy organization backed by local businesses, went into receivership last month, in part because several contracts to produce research and reports for municipalities and school districts fell through, said Shine. He was appointed permanent receiver by the court yesterday after serving as temporary receiver since June 18. At the hearing, Shine gave an update to the judge on what he has discovered about the organization’s finances.
Shine said that money from different sources — including federal grants earmarked for specific programs, grants from private sources and scholarship money — apparently was mingled with the Education Partnership’s operational expenses. “There were no separate escrow accounts,” Shine said.
The “mingled” finances may or may not have been the underlying sickness that led to the Partnership’s demise, but it certainly would have been in the best interests of those counting on the group, especially scholarship recipients, had the money set aside for their benefit been, well, set aside. A failure to receive “contracts to produce research and reports for municipalities and school districts” shouldn’t have affected dedicated revenue streams, although it would be interesting to know the story behind the loss of those contracts.