Observation by the Owl – EPMU Foundation Trust

The EPMU Foundation Trust 2011 accounts have been filed:

Highlights:

  1. 2011 Loss of $61k (2010) Loss of $82k
  2. 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
  3. EPMU loan has been repaid $652k (this was done by selling down investments) $947k realized
  4. Staff have numbers of 2 employees on an average of $100k
  5. 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….


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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

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