Independence Bowl audit

[Rebel02]

As an entity that receives government funding, the Independence Bowl Foundation is audited every fiscal year. The nerd that I am, I found the latest audit (fiscal year ending 2/29/08) on the Louisiana Legislative Auditors website. Even the auditors of the Bowl have doubts about the bowl game's ability to continue its operations.

As shown in the accompanying financial statements, the Foundation incurred a net decrease in net assets of $452,336 during the current period due to reserving the accounts receivable from its title sponsor for $800,000. This results in the Foundation having a deficit in net assets of $376,529.

In response to this situation, management has implemented an expense reduction plan as well as a plan to increase sponsorship revenues from various state and local governments, individuals, and companies.

Because it is unclear whether the Foundation will be successful in accomplishing these objectives, there is uncertainty about whether the Foundation has the ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary should the Foundation be unable to continue as a going concern.

For the year ended February 29, 2008, the Bowl reported a net loss of approx. $450k, which includes approx. $500k in grants from local governments. For the fiscal year, the Bowl also wrote off $800k of bad debts because PetroSun could not pay its fee as title sponsor.

The Bowl also still owed approx $1.4 million to the University of Alabama and the University of Colorado. As a result, in the fiscal year that will end 2/28/09, the Bowl received $560k to pay part of the $1.4 million.

Since the fiscal year ending 2/28/05, the Bowl's net assets (retained earnings) has gone from $1.1 million to approx <$400> (yes, that's a negative $400k). That's a loss of $1.5 million in just a couple years.

I really can't wait to see what the audit will reveal this coming year!



PS- yea, I know I'm a nerd.

[raoul]

Great job! Please follow up with this year's numbers. We all need nerds!

[Bankruptcyman]

That is what I wanted to see. Good work. How in the __ll can a local bowl that recieves this kind of State funding want to turn its back on Acadiana. That could have mustered some serious brownie points but instead has only alienated most of Acadiana. What do you think the Acadiana delegation will say when that line item comes up again? I would like to see the Bowl succeed but it is being run by a bunch of short-sighted idiots!

Let's hear from you LSU fans. How do you feel about the State of Louisiana owing Nick Saban and his Alabama football program over $500,000.00? I know you are lurking!

[gorcajun]

Good thing UL was not invited. We would have probably had to take an IOU to be invited. NIU do not spend any of the money just yet.

[USLJim]

_ As an entity that receives government funding, the Independence Bowl Foundation is audited every fiscal year. The nerd that I am, I found the latest audit (fiscal year ending 2/29/08) on the Louisiana Legislative Auditors website. Even the auditors of the Bowl have doubts about the bowl game's ability to continue its operations.



For the year ended February 29, 2008, the Bowl reported a net loss of approx. $450k, which includes approx. $500k in grants from local governments. For the fiscal year, the Bowl also wrote off $800k of bad debts because PetroSun could not pay its fee as title sponsor.

The Bowl also still owed approx $1.4 million to the University of Alabama and the University of Colorado. As a result, in the fiscal year that will end 2/28/09, the Bowl received $560k to pay part of the $1.4 million.

Since the fiscal year ending 2/28/05, the Bowl's net assets (retained earnings) has gone from $1.1 million to approx <$400> (yes, that's a negative $400k). That's a loss of $1.5 million in just a couple years.

I really can't wait to see what the audit will reveal this coming year!



PS- yea, I know I'm a nerd. _

GREAT INFORMATION, GOOD WORK, ATTABOY, YOU MY MAN IF I EVER GET AUDITED. AND PLEASE DON'T INVESTIGATE ME. LMAO.

LET US KNOW.

GEAUX CAJUNS.

[MandevilleCajun]

That makes a point I had on another post about the Governor's office getting involved to pressure the right decision out of the I bowl invite committee.

Everything our University has accomplished they seem to do so, not with little help from the state, but actually with resistance from the state. I have never in my life seen so many people or groups work so hard to try and keep a University from accomplishing anything. Never has anyone in the history of mankind ever made themselves better by putting someone else down. Our backward state continues to subscribe to this philosiphy.

"A rising tide lifts all boats"

[Just1More]

Interesting information Rebel. Maybe there's a silver lining in this cloud afterall. I've lost a few jobs to competitors that ended up being the best thing that ever happened to me.

I wanted a bowl, any bowl, just to get the monkey off our backs. But, something tells me that the Indy Bowl is going to be a flop... for the Indy... and for Tech.

I hope that game is -20 degrees. There won't be enough blue tarps to keep the Techsters warm... and NIU's football team is going to play in short sleeves and love it.

[CajunMama]

After reading this i'm glad we aren't in the indy bowl. We probably would have lost $$ that we can't afford to lose.

It's mean of me but i hope podunk teck, the indy bowl and shreveport take even more a hard financial hit. I don't want niu to take the hit. Heck if we'd have had someone like Glen Krupica i'm sure we would have pulled strings also.

I'm curious to know if bama and colorado received all of their monies.

[CajunZ1]

_ After reading this i'm glad we aren't in the indy bowl. We probably would have lost $$ that we can't afford to lose.

I get your point, but no way I wouldn't want to be there.

I'd have gone to the Indy bowl if the agreement included me giving a kidney...

[DestinCajun]

I get your point, but no way I wouldn't want to be there.

I'd have gone to the Indy bowl if the agreement included me giving a kidney... _

Houston would have been a whole lot nicer but I'da gone too but I'd only given like a toenail, maybe.

[jllanclos]

I get your point, but no way I wouldn't want to be there.

I'd have gone to the Indy bowl if the agreement included me giving a kidney...

Only if the team you're supporting had gone 7-5 would you have had to give a kidney, per loose wording in the contract.
igeaux.mobi

[Rebel02]

_ GREAT INFORMATION, GOOD WORK, ATTABOY, YOU MY MAN IF I EVER GET AUDITED. AND PLEASE DON'T INVESTIGATE ME. LMAO.

LET US KNOW.

GEAUX CAJUNS. _

Different type of auditing. It's not the bad "IRS" audit.