The Forum > General Discussion > Throwing good money after bad
Throwing good money after bad
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It is worth going to the link to see the photos of destroyed property.
As a taxpayer I am damned angry at the contempt for property and waste.
<Southside Housing Aboriginal Corporation placed into administration
December 23, 2013
A Canberra-based indigenous housing organisation has been put into administration amid chaotic accounting and spiralling debt.
An investigation into the Southside Housing Aboriginal Corporation found glaring financial irregularities within the organisation, whose documents were "either non-existent, incomplete or did not match the amount withdrawn from the corporation's bank account".
In addition to substantial debts, investigators found the current directors of the corporation were all tenants in the properties handled by the organisation.
It is not the first time the corporation has been placed under administration, according to Frank Lo Pilato from RSM Bird Cameron. Mr Lo Pilato was appointed one of two administrators for the corporation on Wednesday, but could provide little comment on the assessment to date.
..
The examination also found the corporation "may have given financial benefits to related parties without following due process", and that reimbursements were given to directors for work undertaken without proper documentation.
..
Mr Armstrong said investigators also found the corporation did not follow due process in regards to membership and failed to provide documentation for directors' meetings, which are meant to be held quarterly, between July 2010 and February 2011, December 2011 and June 2013.>
http://tinyurl.com/Camberra-indigenous