I haven't compared the 990 with the financial statements. I will say that the auditor was underpaid! This is the most detailed report ever from 3ABN!
I marveled at his courage to spend the time he must have spent to be able to put the information together in a manner most will understand.
As always Paragraphs 2 brings the "except for statements" in paragraph 5. Then in Paragraph 3 & 4 gets them on the foreign associations where they send money and expense what they sent without any accounting of the expenditures.
They still have problems with valuing assets. Some are slow learners. Pages 6-12 are very good. I believe this shows where the accountant did double time!
The statements on page 13 clearly say the $ 1,065,030.36 comes from Cost of Goods given away-Other. This does not include the $ 435,724.81 they gave away in satellite equipment. I will have to go back and compare all of the Cost of Goods/Inventory for the past few years.
What was it Shelley Quinn stated about over 7,000,000? Surely she had to have said "printed" or "given away"since they gave them away for free. I question where she received her information. I need to compare Balance Sheets for Cost of Goods Sold/Inventory, Their Inventory is $ 534,208.94 at the end of 12/31/2007.
On page 7; paragraph h,. are the details of their inventory. Books are not listed unless it is included under Literature. Their inventory consists of Satellite Dishes, Receivers, Literature, & Music Compacts disks. It is not broken down by $ amounts in each category. However, Satellites and equipment is excluded from the $ 1,065,030.36.
I want them to know that I did notice that they are listing Fiduciary Funds/Money for other Ministries as a Liability now! Finally, after all these years of screaming about how they are liabilities, not 3ABN income!
However, I was disappointed to see that there was a balance of $ 14,894.28 in Liabilities that belongs to other ministries. The total that went to 3ABN income in 2000 was $14,000+ also. I would like to see monthly Financial Statements. Dream on, huh!
Remember, however, there is no free lunch - ever! The donors paid Danny for them to be given away free!
This is as far as I have gotten here in my notes. After Sabbath I will check these other things. Because of the accounting of past years, I tend to doubt the validity of past audits done by 3ABN auditors. This year is pleasingly different!
Is this Gary Hunter Stenn LLP new auditors? If not, they sure did do a lot more this year. Even though they still aren't doing things right, this firm is laying it all out there for everyone to understand!
Happy Sabbath.
Do we have a copy of Remnants 2007 990? I would like a copy if anyone has it. This will contribute to answering this question.
The last note I have to check out is found on page 10, #9, Donated Assets. For 2007 there was $ 1,502,657.92. "The assets are recorded at FMV and are included in contribution revenue." The statement tells me this isn't right yet. It looks like they are receipting the assets received for eBay sales and Barn Yard Sales! Did they fix what was wrong?
I will be trying to find out. It is clear eBay and other Barn Yard Sales bring in quite a big chunk, and always have been. Now that they are being recorded it is clear to see it is very possible to sell 2 million as Tammy stated on air. Remember from 1998-2002 they were no values on the books. The stuff just sold, but of course there are no records at 3ABN of these sales! I still wonder why they have no records of my purchases? It is a good thing Merchant accounts can be tracked to get the dollar amounts of all of those sales.
I thought that, too, Fran. But there isn't a big enough drop in inventory year-to-year to support that theory.
The $ 8,031.11 were clearly purchases.
The #1,000,000.00 + in give aways may have been stock/inventory on hand, purchased at a previous time.
My thoughts & questions.
Could it be the $ 1,000,000.00+ were bought before they had full knowledge of the fact Danny was profiting? Then, could the $ 8,031.11 purchase be made after that knowledge? Then there are those last statements on the 990 showing more than one purchase that deals with more than one conflicts of interest!
By saying that they only purchased $8,031.11 worth of Danny's books in 2007, they are saying that no more than that figure makes up the over $1 million cost of goods given away.
How could that be? If Shelley Quinn at some point claimed that there were more than 7 million copies of TCTR book out there, how could $8,031.11 be the sum total of Danny's books that 3ABN purchased during the entire year of 2007?
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Topic: 3ABN 2007 financial statement (Read 29080 times)
