More Coliseum fraud

by:  Diane Benjamin

For the year May 2011 – April 2012:

CIAM reported an operating loss of $51,281

Source:  http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=6561

The auditor reported an operating loss of (1,071,599)  Depreciation of 911,269 = loss of $109,049

Source:  http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=4650

Reporting by CIAM was off by:  $57,768—————

For the year May 2012 – April 2013:

CIAM reported operating income of $ 176,759

Source:  http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=5459

The auditor reported an operating loss of 873,551   Depreciation of  850,608  = Loss of 22,943  

Source:  http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=6077

Reporting by CIAM was off by: $199,702—————-

For the year May 2013 – April 2014:

CIAM reported an operating loss of $183,727

Source:  http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=7448

The auditor reported an operating loss of $1,637,477.  Depreciation is included in this number ($854,532).  = loss of $782,945.

Source:   http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=7481

Reporting by CIAM was off by:  $599,218—————

Anybody seeing a pattern?

Where is the Pantagraph?  Where is WJBC?  No journalists who can read a financial statement?

Anybody still trust the CIAM economic activity numbers or attendance numbers?

 

 

 

 

 

 

 

 

5 thoughts on “More Coliseum fraud

  1. Looks like fraud to me. Since you are a CPA, why don’t you submit it to the States Attorneys Office and demand a full investigation. If he refuses, then you can go straight to the Public Integrity Unit of the IL AG’s Office and they will look into it so they say.  

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  2. Looks like CIAM puts in a bogus loss or gain since the press(?) will report anything they say…then, the auditors actual numbers come out and they don’t report the real information. Isn’t the contract up for renewal soon? Is the City going to rubber stamp? change the amount of $$$$ CIAM has been getting from fees and commissions? or putting it out for bid?? should be interesting

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  3. I know you have tried the SA’s office, but what about the IL AG’s office? Are you assuming or have you actually spoke to them? I spoke to them on another matter, and found them easy to speak with and they said they would review in my instance , if the SA’s office refused to look at it. Turned out we didn’t need to do anything because the issue was resolved anyway.

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    1. They assume there is a press and government that actually does their job. David Hales didn’t. When nobody is watching, of course the City is going to get ripped off.

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