by: Diane Benjamin
According to the Pantagraph today the Coliseum lost $183,727 for the year that ended April 30, 2014. Funny how no un-audited financial statements are available. The CIAM throws un-audited numbers out as fact and the local media laps them up and dutifully reports them. CIAM issues a Press Release and you are supposed to believe it.
The easiest way to prove the Press release put out by CIAM is fiction is to compare their un-audited financial statement from the previous year to the one the auditors issued.
Last years CIAM report can be found here: http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=6569 page 14. It shows an Operating Income of $176,759.17. Everybody celebrated that number last year. WOW – the Coliseum showed a profit!
What nobody told you is what the auditor’s financial statement showed. The story they have is a little different, okay a LOT different. You won’t find the below statement on-line anywhere. David Hales doesn’t want to truth to be told. If Hales cared about the truth, the audited financial statement would have been issued in a Press Release, or at least posted on-line.
How does he explain to the people paying the bills the Coliseum actually lost $873,551? Look down a little farther. Not only do the auditors show an operating loss, the Bloomington taxpayers has to cough up another $225,000. Did you know the City of Bloomington “contributed” to the Coliseum?
Don’t the taxpayers have a right to the truth? How much did the Coliseum really lose this year?
Don’t buy the Depreciation line – even without it included, CIAM still lost money for the taxpayers.