Elder Patriot – There has been no formal admission as of this morning but by connecting the dots Charles Ortel, a Wall Street analyst who has been studying presidential foundations since February 2015 is cautioning that, “the public record that is known so far suggests that politically connected partisans serving as Barack Obama Foundation trustees may be emulating the long and dangerous record of Clinton Foundation trustees, also politically connected and partisan, who flout state, federal, and foreign charity and solicitation laws with wanton disregard for their solemn legal duties.”
Ortel explained that:
“While Washington, Pittman & McKeever, LLC was organized by an historic African-American woman, the first female CPA, it does not seem to be a particularly large firm or even have offices outside the United States, where the Barack Obama Foundation claims it may already be operating. In addition, WPM’s auditing capabilities have been questioned by oversight authorities, a fact that should raise hackles among Barack Obama Foundation trustees and independent lawyers, if any are actually engaged.
“One key obligation is to select an accounting firm that is qualified and prepared to render opinions and provide services that result in issuance of independently audited financial statements prepared fully in compliance with Generally Accepted Accounting Standards in the United States, on a consistent basis, year to year.”
Under federal law, WPM’s malfeasance, if proven, does not afford legal protection to the foundation’s trustees.
Trustees of a federally authorized tax-exempt charity, as the Barack Obama Foundation operates as, are ultimately responsible for all of its operations–each trustee owes a duty of care, a duty of obedience to laws, and a duty of loyalty to protect the valuable tax-exempt status of the organization.
Even if the charity enters into agreements with trustees that purport to insulate them from possible liabilities, these “indemnification” agreements generally cannot protect against reckless behavior.
And, herein lies the foundation’s problem.
On June 16, 2016, the Public Company Accounting Oversight Board in Washington, D.C., published a 2015 inspection report investigating Washington, Pittman & McKeever, LLC and had concluded that WPM “had not obtained sufficient appropriate audit evidence to support its opinion that the financial statements were presented fairly, in all material respects, in accordance with the applicable financial reporting framework. In other words, in this audit, the auditor issued an opinion without satisfying its fundamental obligation to obtain reasonable assurance about whether the financial statements were free of material misstatement.”
The Public Company Accounting Oversight Board did not mention the Barack Obama Foundation in its report but WPM listed only one audit client for 2015 and the Barack Obama Foundation IRS Form 990 for 2014 and 2015 lists Washington, Pittman, and McKeever, LLC as the paid preparer of the tax report.
You can draw your own conclusions.
Obama’s arrogance in flaunting the same federal laws that he used as leverage against his political opponents suggest that he’s just another common criminal who was counting on Hillary’s election to save him.
H/T Jerome Corse @ Newswars.com