NY Daily News reporters, @graham_rayman & @rparascandola on Vallelong, Capotosto, Ostermann & Ashton being targets of the FBI investigation into SBA funds stolen from members...
nydailynews.com/new-york/nyc-c…
...The NYDN confirms the $1M+ "allegedly" misappropriated by Ed Mullins came from the Sergeants Benevolent Association Inc. Per the IRS Charity database...
apps.irs.gov/app/eos/detail…
...As a retired CPA/auditor, the notion that Dennis Ostermann, SBA controller & the only officer w a finance degree didn't notice anything amiss seems ridiculous. If he didn't notice anything amiss, he should be fired for incompetence...
....OTOH, SBA mouthpiece, Andrew Quinn, is paid handsomely to deny anyone else beside Mullins is targeted. Per the SBA 990 for year ended June 30 2019, his firm was paid $1.3M...
...Looking at the Quinn Law Firm site, the SBA is, by far, its biggest client...
quinnlawny.com/our-attorneys
...Financial data extracted from the SBA 990s per a database I subscribe to. 2015 & 2016 are not available. I'd put the data into a standard P&L format but there's only so much I'm doing w/o compensation & its not my money that was ripped off...
...SBA balance sheets w/o 2015 & 2016....
...Per the SBA 990 for YE June 30 2019, the SBA had 7 voting members & a TOTAL number of employees of 8. I assume the employees are the 7 trustees & executive assistant listed on the same 990...
...Total number of employees, trustee compensation & total compensation expense don't match. There may very well be a reasonable explanation but I don't know what it is...
...Per the NYDN, the SBA uses QuickBooks accounting software. I can't emphasize this enough - Capotosto may have signed Mullins' expense reimbursement checks but it was Ostermann who cut the checks...
...I reviewed expenses below the compensation line as reported on the SBA Inc (EIN 13-6121923) 990s for YE June 30 2014, 2017, 2018 & 2019 & they are all over the map...🚩🚩🚩
...Names of trustee & 990 preparer who signed the SBA Inc (EIN 13-6121923) 990s for for YE June 30 2014, 2017, 2018 & 2019...
...Note the dates the 990s were signed & the due dates per the IRS. I don't have the SBA 990s for fiscal 2015 & 2016 but I do have the Widows & Childrens Fund 990s for those years & they were signed in 2018...
...Analytic review is a standard auditing procedure which compares account balances from one period to another which is why the SBA may have reclassified so many expense line items from year to year...
...Time out to prepare an illustration of what I mean...
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