For March 31st 2009 Financial statement
First, the auditor's report states the financial statements are the responsibility of the corporation managment, then you go to the next page, the managment responsibility for financial reporting "The Board of Directors is composed entirely of members who are niether management nor employees of the corporation"
The Board fullfills the responsibility by reviewing the financial information.
Most of those Board members are not qualified to study those financial statements or comment on them.
They should hire a competent manager and appoint a qualified accountant and especially here, they have no authority to make any decisions sinse they are not elected by the public or tax payers.
Who is Bull------- who?
I'm not an accountant myself but common sense is all it takes.
According to the new manager, Mr David Mitchell in our local Community paper "The failure rate is only about 5%"
If that is correct the bad dept in the financial statement is $250,249
1% = $50,049
100% = $5,004,980
Now, did we lend 5 million dollars is 2009?