The previous Board of Directors worked hard to safeguard these funds for the future of USAJ. They invested with the USOC investment pool.
Yearly earnings on investments ~
2004 - 225,273.00
2005 - 53,686.00
2006 - 296,960.00
2007 - 354,049.00
2008 - 28,604.00**
5yr total - 958,572.00
(See 2008 form 990)
In the beginning of 2007 the investment fund was valued at 2,480,801 and at the end of the year 2,567,532. (See 2007 form 990)
USAJ transferred 2,310,006.00 (yes, over 2 million dollars) out of its control into the AJF during 2008.**
In 2015, the AJF returned the balance of USAJ funds back into their control.
The amount returned was a mere 771,250.52.
What happened to USAJ's money while entrusted to the AJF? Why is there no accounting for where the over 1.5 million dollars was spent? And more importantly, how much of this nest egg is left now?
Our CEO, when he first started working for USAJ charged a lot of personal expenses to the USAJ credit card. Not a couple hundred but around 20,000.00. This was discovered and he was "allowed" to repay the funds while retaining his position.
Fast forward 8 years and he decides it's OK to sell USAJ inventory through his own personal corporation and reap the profits for himself. USAJ paid for the warehouse, staff and other associated overhead expenses. Do we know how much inventory he "helped himself to"?
The bigger questions remain....
Why is he still here? Why is someone running our NGB that puts his personal interests above that of the membership and athletes? Why is it OK for him to take the profit the NGB so desperately needs, while the NGB pays the bills for his little personal business enterprise? He has admitted this and more.
This is WRONG.
This is UNETHICAL. This is a CONFLICT OF INTEREST!
This brings up some other questions...
What else has he done to enhance his personal revenue at the expense of the NGB? It stands to reason these are not isolated incidents.
What has the Board of Directors done to solve this problem?
If you are misappropriating company funds for your own personal use, in any other situation, YOU ARE FIRED. You are not allowed to resign or hang around and cause more harm. The Board has had numerous opportunities to straighten this out, instead they look the other way or bury their heads in the sand.
Don't the athletes and membership deserve better? Isn't it your job and responsibility to ensure this doesn't take place? When unethical actions do take place and are admitted to, isn't it your responsibility to take immediate action?
Why is he still the CEO of USA Judo? Why are you allowing him to resign? The Board should STILL take action on this matter! Please terminate our current CEO and find us a respectable, honest and hard working CEO that has USA Judos best interest at heart.