New England Figure Skating Club Settlement Reached

May 29, 2008 - BOSTON - Massachusetts Attorney General Martha Coakley’s Office reached a settlement with New England Figure Skating Club, of Marlborough, relating to its financial practices. In the settlement reached late last week, the Club acknowledged that its record-keeping practices were inadequate and that it had failed to maintain accurate documentation of income and expenses.

“This agreement is an important part of our effort to ensure that non-profit charitable organizations, which contribute so much to our community, operate and conduct business in a fiscally responsible manner,” said Attorney General Coakley. “The New England Figure Skating Club provides valuable opportunities for our youth and we look forward to working with board members to assure the Club’s tradition of service to the community is maintained.”

The five-year Assurance of Compliance requires the Club to adopt and implement new financial policies and procedures. In addition, the Club is required to hold elections for officers and directors by May 31, 2008, provide for greater involvement of the voting membership including access to information and consideration of amended bylaws, and submit quarterly progress reports to the Attorney General’s Office.

The Attorney General’s Office, through its Non-Profit Organizations/Public Charities Division, is responsible for overseeing the public’s interest in the Commonwealth’s non-profit charitable organizations. In response to questions regarding financial practices, the Attorney General’s Office began a year-long review of New England Skating Club and found that the Club’s record-keeping practices did not accurately reflect its actual expenses.

The review also found that the Club did not distinguish fundraising expenses from other expenses in its records and did not maintain an accurate record of the revenue and expenses related to special events.

New England Figure Skating Club is based in Marlborough, Massachusetts, and serves members of the Eastern Massachusetts community.

This matter was handled by Assistant Attorney General David Spackman, Chief of Attorney General Coakley’s Non-Profit Organizations/Public Charities Division, and Assistant Attorney General Leslie Bennett, also of Attorney General Coakley’s Non-Profit Organizations/Public Charities Division.

Source: Massachusetts Attorney General

Bookmark/Search this post with:

 •    •    •    •    •    •    •    •    •    •    •    •