This week we have Kansas and the group in question is Friends University. Some questions we have for them are:
Why did you take out a PPP loan for $3.1 million when the organization has over $100 million net assets?
Can you explain what 4c is on Program Service Accomplishments and why most of your expenses (over $28 million) went towards that?
What is your Student Board Plan for $721,377?
Don’t you think if something is almost 5% ($2 million) of all your expenses for the year, maybe you can be a little more detailed than 24e All other expenses?
Why didn’t you sell some of your publicly traded securities portfolio (over $51 million) rather than receiving a PPP loan?
Tell us more about the Kansas Independent College Foundation?
We reached out to Friends University in order to ask them about these alarming points we came across but they never responded for comment.
In conclusion, Friends University 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. INTRUST Bank, National Association 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 $1,550,000. Here is how that breakdown of that money will look like:
$50,000 towards our website.
$1,500,000 for 50 classrooms in Kansas
Helping 50 teachers, over 1,400 students with financial literacy and career discovery education for a full year. To learn more about the BBFK: MORE Program visit: https://bbfkids.org/
Friends University #doBetter and with this amount we can do #MOREtogether to truly help the youth in Kansas, give our youth a better chance for financial freedom and a better place to live. #doMORE