Coliseum continues their losing ways

By:  Diane Benjamin

!st Quarter Statement:  1st Quarter 2016 Coliseum Fund P & L

CIAM continues to pay themselves 4% of everything listed as Revenue whether it’s actually revenue of not.  See Event Income on the first page – 179,036.49.  This is money from the acts to reimbursement the Coliseum.  Some may be income, but a lot of it is listed on page 2 as Promoter Expense.  Also on page 1 is Merchandise Taxable Sales – 156,986.00.  This is money collected for the acts, CIAM just gets a commission – see the $200.00 listed above it.

Total Revenue is listed as 887,760.15.  Times 4% = $35,510.41.  Management fees on page 2 just happen to be $35,510.30.  Congrats taxpayers, they saved you 11 cents.

2nd Quarter Statement:  2nd quarter

See page 5.  Even though the Quarter ended 10/31/2015, CIAM didn’t get around to completing the statement with Year to Date and Budget numbers.  Of course they played the same 4% games with their income.  Revenue was only $604.885.44.

1st Quarter loss:  $252,465.49

2nd Quarter loss:  $115,225.51

Since the audited losses are always bigger than CIAM reports, this $367,691 is the minimum loss.

I wonder what fund the City transferred money to CIAM from this time?

Of course, it’s just a loan.




Leave a Reply