MNBC Loses Additional $924,000 and Borrows Over $3 Million in 2011-2012

The BC Metis Federation sent a correspondence earlier today to governments, media, and others to address the startling revelations regarding the severity of the increasing MNBC financial statements for April 1st, 2011 – March 31st, 2012 released only this past weekend, 6 months later. The MNBC auditing firm of Manning Elliot has once again identified MNBC overspending by over $924,000 last year and increasing in borrowing over $3 million. The total lines of credit and loans are close to almost $8 million now.

Despite years of calls for governments and MNBC to take drastic and immediate action this situation continues on. We question how any government or lending agency can enable this situation to unfold? What happened to the Debt Recovery Plan? Moreover the sale of the school, which is one of the major reasons for the ballooning debt, by MNBC is highly unlikely and will have little impact on fixing the financial situation.

We urge Metis people and all stakeholders to review the letter and documentation carefully. We also do not understand how governments continue to flow program dollars while MNBC is likely unable to meet their obligations? This continues to be one of the most startling cases of mismanagement in Canada. Tax paying Metis people do not support such irresponsible fiscal mismanagement so why is this allowed to carry on with no real actions?

[ilink url=”/wp-content/uploads/BCMF-Letter-to-Provincial-and-Federal-Government-October-3rd-2012.pdf” style=”download”]Download this Letter in PDF format[/ilink]
[ilink url=”/wp-content/uploads/Meet-So_Audited_Financial_Statements_2011-12.pdf” style=”download”]Meet-So Audited Financial Statements 2011-12[/ilink]
[ilink url=”” style=”download”]MPCBC Audited Financial Statements 2011-12[/ilink]
[ilink url=”” style=”download”]MSEC Audited Financial Statements 2011-12[/ilink]

Become a Member