This week we have West Virginia and the group in discussion is the University Of Charleston, Inc. Some questions we have for this organization are:
Why did you take out a PPP loan for a total of $4.59M when the organization has over $110M net assets?
What is the travel expense of $978k for?
Can you break down 24(a-e)? Especially, ( c )other contracts (d) miscellaneous and (e) all other expenses, which would be over 10% of Line 25 making you give more information on Schedule O.
What is the $15M in cash- non-interest-bearing used for?
Why didn’t you sell any of your investments (publicly traded securities) valued over $32 million?
We reached out to the University Of Charleston, Inc in order to ask them about these alarming points we came across but they never responded for a comment.
In conclusion, the University of Charleston 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. United 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 $2,250,000. Here is how that breakdown of that money will look like:
$2,250,000 for 75 classrooms in West Virginia
Helping 75 teachers, over 2,000 students with financial literacy and career discovery education for a full year. To learn more about the BBFK: MORE Program visit: https://bbfkids.org/
The University Of Charleston, Inc #doBetter and with this amount we can do #MOREtogether to truly help the youth in West Virginia!! If you believe in our program for high school and college students you can help out by donating at https://bbfkids.org/donate