jdfreeman | Arkansas news, politics, opinion, restaurants, music, movies and art

jdfreeman 
Member since Jul 13, 2011


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Re: “Cathedral School to close

You’re right. The tax liability came about as a result of poor leadership/management on the part of the previous board that tried to close the school over 2-years ago. When the current board took over they were faced with massive defection, no funds for payroll, over $200,000 in accounts payable that were 120-days overdue and roughly $25,000 in teacher retirement contributions than had been collected, but not paid. Then there was the matter of the 15 months of books/ledger than had to be constructed because the business manager hadn’t been keeping the books.

My hat goes off to the current members of the board that boldly stood up for what was right and excepted the challenge of trying to save the School because it served the common good. Over 18-months, they developed a well thought-out marketing and business plan, eliminated/paid off the $200,000 in accounts payable, satisfied the retirement liability (largely by paying it out of their own pockets), reconstituted the books, engaged the IRS and negotiated a settlement that included an abatement of penalties and interest and the elimination of that debt, while at the same time nearly doubling the School’s enrollment.

I will sorely miss The Cathedral School and so will our community…

1 like, 1 dislike
Posted by jdfreeman on 07/13/2011 at 2:59 PM

 

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