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.