Caring Pensacola Veterans

Pensacola Veterans Memorial Park Foundation shows no receivable or income from VFW Post

October 24, 2012


In 2004, the Vietnam Veterans Wall South Foundation filed a report with the state to change its name to Pensacola Veterans Memorial Park Foundation (Wallnamechange).

The website GuideStar shows the Form 990 financial statements of non-profits. The Pensacola Veterans Memorial Park Foundation Income/Expense report for the year ended Dec. 31, 2011 is as follows:

Contributions $5,455
Investments $1,235
Total Revenue: $6,690

Expenses
Program Services $67,657
Administration $3,995
Total Expenditures: $71,652

Net Gain/Loss: ($64,962)

Based on the Balance Sheet, I assume that most of the Program Services expenses were depreciation and losses on investments.

Assets 1-Jan-11 31-Dec-11 Change
Cash & Equivalent $7,888 $11,485 $3,597
Investment/SecuritiesĀ  $29,251 $17,475 ($11,776)
Fixed AssetsĀ  $1,370,357 $1,315,072 ($55,285)
OtherĀ  $0 $0 $0
Total Assets: $1,407,496 $1,344,032 ($63,464)

What is missing:
No receivable from the VFW post for the building that the Foundation bought and maintained for them. I guess the building could be under Fixed Assets.

No revenue from the VFW to pay off the “note” due the Foundation. Nathaniel Bass, current commander of Post 706, told the daily newspaper that the Post 706 stopped making lease payments in January. I guess those payments could be under Contributions, but that doesn’t agree with the PNJ report that the Post 706 was paying $500 to $1000 a month to the Foundation.

If what Joe Halsted told us is true, the Foundation had in 1993 $500,000 raised through the Defense Commissary Agency. That investment has appeared to dwindled down to $17,475 over the past 18 years.

 

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  • Leroy Carter October 25, 2012 at 7:42 am

    One more question, does this fall under the PPD since the park is in the city limits?

  • Leroy Carter October 25, 2012 at 7:41 am

    Why haven’t we heard anything about the State Attorney looking into the 190k? The individual that made the purchase and renovation of the VFW building should be charged. That money properly invested would provide needed income to maintain the park. Please tell me he is not going to get away with this.

  • CJ Lewis October 24, 2012 at 6:56 pm

    The Florida Division of Corporations entry for the Pensacola Veterans Memorial Park Foundation, Inc. lists its Principal Address as 5000 Lillian Highway, Pensacola, FL 32506. After reading Rob Johnson’s article in the daily, I looked up the address for the VFW Post 706 and was surprised to find it is the same one. Ouch!

    I have submitted a public records request to the City Clerk asking for copies of any other License Agreements the City has with any other groups for anything going on at “Admiral Mason Veterans Memorial Park” which I think is the full, proper name as listed on PlayPensacola.com. 48 hours later I haven’t heard anything but perhaps I will tomorrow.

    The immediate action drill for the City is to suck it up and repair everything that is broken and take responsibility for all of it. If the Blue Wahoos want to keep cutting the grass that’s fine. The Pensacola Veterans Memorial Park Foundation, Inc. has been in breach of the License Agreement for at least eight years. I wonder if they even have the liability insurance coverage required by the License Agreement?

    I think the City has a duty to the citizens to exercise the procedures described in the License Agreement to terminate it for cause. The City should have acted eight years ago but tomorrow will be the next best thing. The State Attorney can sort out the hanky-panky about the missing money if any laws were violated.

    By the way, Lois Benson was the Secretary of the Vietnam Veterans Wall South Foundation, Inc. in 1992 when it entered into the License Agreement with the City. Her signature appears on the License Agreement. That was two decades ago but she might remember some of the details.

  • Salute October 24, 2012 at 4:24 pm

    The bottom line is that it was more important to buy a new clubhouse/watering hole than it was to maintain the park. This is the kind of stuff people go to jail for. Sad that we see yet another case of financial misdeeds by a local nonprofit. The road to hell is paved with good intentions.