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Barnes Audit Shows Board Failure to Act

Barnes Audit Shows Board Failure to Act

Barnes Audit Shows Board Failure to Act

Report shows personal acrimony, failure to follow approved policies, And failure to exercise basic oversight responsibilities in many years

The “forensic audit” of the operation of the Board of Trustees of the Barnes Foundation during the mid 1990’s, which was recently made public in the current Foundation litigation, contains a host of vivid examples of how not to run a nonprofit Board.

It shows contracts between the president and persons with whom he had close business relationships which were not reviewed or approved by the Board, failure to develop a serious fund raising plan while suffering consistent annual deficits, failure to change investment policies when authorized by the court, and a number of odd real estate and other transactions...

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