This week we have Utah and the group in discussion is Utah Athletic Foundation. Some questions we have for this organization are:
Why did you take out a PPP loan for a total of $2.1M when the organization has over $100M net assets?
Why has the organization lost over $3M per year for the last 5 years?
Where are your employee benefits/pension numbers on the statement of expenses?
Why didn’t you sell some of your $49M+ publicly traded securities before taking a $2.1M PPP loan?
Tell us more about Park City & Snowboard LLC?
We reached out to the Utah Athletic Foundation in order to ask them about these alarming points we came across but they never responded for a comment.
In conclusion, the Utah Athletic Foundation should give the money back just like Fortune 500 companies did, but with a twist. Half going back to the government and the other half going back to Building Blocks for Kids. Zions Bank can give back any revenue made (penalty should double that amount) for creating this loan. Not sure what the government will do with their half, yet BBFK knows exactly what we will do with our portion.
Building Blocks for Kids would get a total amount of $1,000,000. Here is how that breakdown of that money will look like:
$10,000 towards our website.
$990,000 for 33 classrooms in Utah
Helping 33 teachers, over 900 students with financial literacy and career discovery education for a full year. To learn more about the BBFK: MORE Program visit: https://bbfkids.org/
Utah Athletic Foundation #doBetter and with this amount we can do #MOREtogether to truly help the youth in Utah!! If you believe in our program for high school and college students you can help out by donating at https://bbfkids.org/donate