As we continue with our home state of California, believing that we should be the harshest critic of ourselves, this week we have Vista Del Mar Child and Family Services and Lundquist Institute for Biomedical Innovation at Harbor-Ucla Medical
Some of the questions we have for Vista Del Mar Child and Family Services are:
Why did you take out a PPP loan of $6.15 million when the organization had $51 million in net assets?
I understand that your organization is publicly trading around $18 million, why did you guys think it was ok to ask for a PPP loan when you could have just taken out from your investments?
Furthermore, what is it that your organization is investing in to lose $5 million dollars from those investments?
How is the $1 million dollars in travel expenses used, are they for inbound and outbound patients or are they for something other than that?
Your organization is already getting $35 million in grants from the government, why did you guys need the extra money from the PPP loan?
Some of the questions we had for Lundquist Institute for Biomedical Innovation at Harbor-Ucla Medical are:
Why did you take out a PPP loan for $8.83 million when the organization has over $88 million net assets?
Your organization received around $57 million on average over the last 3 years from government grants, so why did you believe it was okay to ask for another $8 million when you had then 3x that amount in your checking account?
Why did you give over $66 million to lobbying over the last 60 years?
Why did your organization donate to: Duke $500,000 and Regents Ucla $700,000 Washington University $450,000 Novadigm $520,000?
Your organization received a government bond and seeing that you guys are adequate books and records. Are you guys on schedule for completion or are you guys severely behind due to Covid?
We reached out to Vista Del Mar Child and Family Services and Lundquist Institute for Biomedical Innovation at Harbor-Ucla Medical in order to ask them about these topics, but they never responded for a comment.
In conclusion, Vista Del Mar Child and Family Services and Lundquist Institute for Biomedical Innovation at Harbor-Ucla Medical 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. City National Bank and Loan Source Incorporated can give back any revenue made for creating this loan. Not sure what the government will do with their half, but BBFK knows exactly what we will do with our portion.
Building Blocks for Kids would get a total amount of $7,490,000. Here is how that breakdown of that money will look like:
$20,000 towards our website.
$7,410,000 for 247 classrooms in Los Angeles
Helping 247 teachers, over 6,900 students with financial literacy and career discovery education for a full year. To learn more about the BBFK: MORE Program visit: https://bbfkids.org/
Vista Del Mar Child and Family Services #doBetter and with this amount we can do #MOREtogether to truly help the youth in Los Angeles, give our youth a better chance for financial freedom and a better place to live. #doMORE