Observation by the Owl – EPMU Foundation Trust
The EPMU Foundation Trust 2011 accounts have been filed:
Highlights:
- 2011 Loss of $61k (2010) Loss of $82k
- Equity – negative $2.2M (therefore technically insolvent but retains “on-going concern” status due to the EPMU not calling in their $5.6M loan (payable on demand) – see Observation
- EPMU loan has been repaid $652k (this was done by selling down investments) $947k realized
- Staff have numbers of 2 employees on an average of $100k
- There are prior period error adjustments (read observation)
The Owl’s observation:
So the Foundation sells assets to repay back loans – doesn’t that sound a lot like State Assets sales model – have the Foundation and EPMU stolen Nationals financial policy? There is a difference that National is using the money to invest in infrastructure and not pay back debt.
So what will the EPMU do with their $657,000 from the Foundation – invest or pay operational/infrastructure costs – we will only know once the EPMU have filed their accounts which were due a little while ago.
But here is the one that gets The Owl really going…there are “Prior Period errors (Note 19)”.
Miscalculations on sick leave. I repeat miss-calculations on employees SICK LEAVE.
How is it that Unions – the guardians of employee rights can’t get their own house in order?
I refer also to the previous Union accounts which I wrote about that were qualified by their auditors because the Union couldn’t calculate the holiday provision. There is only 2 staff. Lets count together 1…2
Really this type of error by Unions is unacceptable.
If I was a member….
