A MESSAGE FROM MKP USA FINANCE – FUND THE PLAN STATUS
We are the wise and transparent fathers we have been waiting for.
In the 2nd half of 2010 through the 1st half of 2011, MKP USA raised, thanks to the generosity of men and centers across the country, over $400,000.00 for Fund the Plan, a restricted donor account that is supervised by a Trustee under the above document for investment in long term growth and stability drivers for MKP USA . Read more here … MKPUSA FTP REQUESTS JUL-DEC 2011, FINAL-FundthePlanDisbursementsProcedure4.27.11
What is the status of Fund the Plan?
Disbursements from the Fund the Plan restricted account to reimburse for approved Fund the Plan expenses began in July of 2011. During the second half of 2011, there were six monthly disbursements from Fund the Plan (see attached) totaling $103,765.55. Each has been consistent with the terms of Fund the Plan.
As of yearend 2011, Fund the Plan assets total $299,176.90. $249,176.90 in cash and $50,000 in a loan receivable. Written permission of two of the donors to the Fund the Plan account was received to take a loan against their donated funds in service of what was at the time at shortfall in USA operations. The outstanding Loan is scheduled to be paid in full in calendar year 2012 and has been accounted for in MKP USA’s Forward Cash Flow Analysis which is reviewed bi-weekly at the MKP USA Finance Committee meetings. Further, MKP USA has agreed to a No New Expenditures Policy until the Fund the Plan Loan is paid in full.
Based on projected Fund the Plan expenses, Fund the Plan dollars are expected to fund approved items until Summer 2013.
Is MKP USA in integrity with the Fund the Plan Disbursement Procedure?
Yes with respect to disbursement and accounting procedure. MKP USA has followed the set of disbursement and approval agreements listed in the Procedure attached above. Each month a disbursement request is sent from MKP USA’s accounting firm (James Dougherty at Larsen and Rosenberger) to the trustee’s firm (Russell Kramp at UBS Securities) with a copy to the MKP USA Finance Committee. Once approved, the funds are sent from UBS Securities to the MKP USA Operating Account and accounted for there. A “due from MKP USA” entry is reflected in the MKP USA Balance Sheet
No with respect to quarterly reports. MKP USA did not meet the agreement of sending out a report for the 3rd quarter of 2011. Above is the 3rd quarter and 4th quarter 2011 expenses from the Fund the Plan account. The next Fund the Plan update will be reported shortly after the end of the 1st quarter of 2012.
How are Fund the Plan Dollars being invested in 2012?
The 2012 budget calls for the following Fund the Plan expenditures:
Ongoing Executive Director increment: $33,996
Accounting software (consolidation)
Total 2012 budgeted FTP expense (est.) $210,000 (Note: Less amount not spent on Development Director – see note above)
- Is MKP USA operating in financial integrity?
- How do MKP USA controls and oversight work?
- Who works on MKP USA finances and what are their responsibilities? How much work is there?
- What is the status of Fund the Plan? Is MKP USA in integrity with that set of financial agreements? What Fund the Plan dollars are being invested in 2012 and how?
- Why does MKP USA seek contributions and what percentage of operations are funded by contributions, membership and similar efforts?
- Is MKP USA in integrity with our agreements with MKPI?
- Is MKP USA in integrity with our agreements with the Centers?
- What is the status of the Diversity Scholarship Funds held by MKPUSA?
- What is the status of the Multicultural Committee and Elder Funds held by MKPUSA?
- Does MKP USA have enough money to operate?
- Is MKP USA wasting money? What do we pay for and why? What is the 2012 budget and why?
- What are MKP USA’s financial results and 2011 yearend balance sheet?
- What is the status of legacy payroll taxes from 2007 to 2010?
MKP USA Interim Finance Director
MKP USA Lifetime Member
April 1992 – Chicago (Haimowoods)