Archive for June, 2009

Door Hangings vs. Reality

Wednesday, June 24th, 2009

Thinking about thinking about changing. That’s Richmond.

How many years have we been talking about the Richmond school administration’s wasteful and potentially corrupt procurement division? It’s been compared to everything from a cesspool to a black hole. Now another audit, this one conducted by the school board’s own auditor, confirms (one more time) the waste and abuse by the department, and the serious lack of oversight by high-ranking school officials.

In short, if this is a “re-do,” it looks like Richmond Public Schools has failed the test again.

If you’ll recall, “Auditors were denied access to detailed procurement records” during a 2007 investigation of the schools. Despite the in-house stonewalling, the final version of this report by the City Auditor detailed a system where fund allocation was largely unsupervised (that’s your money, by the way). It also made numerous recommendations for change.

More than a year later, after much teeth-mashing, the city finally released a full audit of the Procurement and Accounts Payable division. As was predicted by many, the April 2008 report uncovered a host of irregularities and outright scandals.

First of all, the auditor was kind enough to explain why examining and closely monitoring school procurement practices is necessary:

Traditionally, procurement and accounts payable functions are targets for fraudulent activities. According to the Association of Fraud Examiners, 71.4% of the total number of instances of occupational fraud committed involved billing, expense reimbursement, check tampering and wire transfer frauds.

Looking at the school’s procurement policies and performance, the report found:

- The internal controls for following procedure and ensuring lawful practices in the procurement and accounts payable processes were “significantly weak.”

- There were “significant non-compliance with RPS policies and the Virginia Public Procurement Act provisions.”

- School officials paid $18 million for purchase orders that were not authorized.

- Richmond Public Schools buys more textbooks than it has students [this will be news to teachers in several city schools who complain about not having enough books to go around]. Moreover, RPS has higher textbook costs per student than localities with more students, such as Henrico. It also has no record of what is done with used textbooks, who sells them and for how much.

- The RPS staff may have skirted regulations for emergency and single-source purchases. Moreover, the School Board’s approvals for most of the emergency purchases were not obtained as required by the School Board bylaws.

- Looking at 52 competitively bid purchases, 96 percent did not comply with such requirements as documenting bids. The purchases were for more than $1 million.

- School officials awarded a $104,000 contract to a firm barred from doing business with the federal and state governments because of unethical business practices.

- Two RPS employees were related to contractors who provided services to RPS. One was a purchasing officer responsible for construction procurement. The Auditor’s office identified that “one of the construction firms utilized by RPS is owned by a family member of this purchasing officer. And a Plant Services employee’s immediate family member performed construction services for RPS. This is of concern since construction projects are handled by Plant Services. During the audit scope, both contractors received a combined total of approximately $357,000 from RPS.”

- “On at least two occasions, staff members were instructed to backdate contracts.”

- RPS has no little control over its vendor data input. “Staff could add, change and delete vendors without any supporting documentation.”

- There were approx. 300 vendors that had duplicate names in the RPS database. Little wonder that Dalal and his staff found duplicate payments on 59 invoices totaling $121,073.

- RPS balances its bank account haphazardly. “Basically, RPS personnel reconcile the bank balance with outstanding checks and relevant adjustments. This means that, as long as the list of outstanding checks reconciles with the bank balance, any errors in the general ledger balance will not be detected by this process.”

- There was no proper documentation concerning expenses charged to credit cards issued to RPS management and former School Board members. “The charges on two former School Board members’ credit cards included the following: $485 in gasoline purchases in the Richmond area with no receipts or explanations. The business purpose of these charges is unknown… $10 for one on-line charge to an inappropriate website…. $175 for a Western Union money order. The payee and the reason for issuing the money order are not known.”

- Two interactive, computerized classroom projection systems are missing. These cost a total of $7,000.

There’s more, a lot more. This devastating report, which came complete with detailed recommendations for improving the department, should have been enough to get the school administration cracking down on their procurement policies immediately.

But, no, Richmond schools had to wait one more year, and endure one more embarrassing procurement scandal — a $291,000 school elevator job awarded without proper bidding— before the school board began its own audit of the school’s accounts payable division.

In other words, RPS began thinking about thinking about doing something.

Now this latest study has arrived. And surprise, surprise… there are problems within RPS’ Accounts Payable and Procurement Department!

From the Times-Dispatch:

The Richmond school system’s payroll department is overstaffed but has been unable to detect overpayments, accurately track time off or collect money it is owed by employees, according to a report released yesterday by the schools’ internal auditor.

In addition, an audit of the system’s human resources department, also released yesterday, showed a department operating on the fringe, with out-of-date policies and procedures and ineffective management. Neither department has seen updated guidelines since the mid-1990s.

“We have a lot of concerns with policies and procedures,” internal auditor Debora R. Johns told the School Board’s Audit Committee.

Her review of payroll information, covering the period from July 1, 2006, to May 31 of this year found a number of problems, including:

* Overpayments to 19 employees, totaling $50,356.96. The biggest was $10,050 to an employee who was paid while on education leave. While that employee has agreed to repay the money — in $50 increments over 201 pay periods — four other employees may have gotten away with keeping $1,710.64 in overpayments, according to the report.

* Employees taking off time but not recording it, leaving time off on the books that had been used. There were also problems with the awarding, tracking and use of compensatory time off, with no single way of recording such time.

* Sloppy record-keeping. A spot review of 30 employee files became a review of 29 files when one employee’s file couldn’t be found. Of those files in place, all were missing certain forms, including copies of photo identification, Social Security cards and internal paperwork used to prove job status.

“It’s deja vu all over again,” as Yogi Berra might say.

So what is RPS’ response to this latest latest audit? Immediate adoption of the report’s recommendations? A tearful mea culpa for ignoring the last audit’s recommendations (and the one before that)? A pledge to begin a campaign of no-excuse housecleaning? A concentrated bout of unequivocal fat-trimming?

Girlfriend, please. [Emphasis mine]:

“This is the cumulative effect of long-term problems,” said Superintendent Yvonne W. Brandon. “These are bigger issues than any one person.”

The payroll department has nine employees, and the audit recommended eliminating two positions. While Brandon agreed with most of Johns’ findings, she balked at the idea of cutting two of the payroll employees.

She did, however, agree to an aggressive time frame for correcting the problems, with a September target for fixing many of the problems. “We can’t afford to wait,” she said. “Even if we don’t hit the target on all of them, we can’t wait to start.

“I welcome audits. They help us identify strategies toward improving.”

Uh-huh.

I’m happy to hear that there will be “aggressive” action taken. Problem is: RPS has “waited to start” for years. They have disregarded and thrown excuses at previous studies that either hinted at, or pointed directly to, the same kind of findings. Now, as she “welcomes” the latest findings, the superintendent of schools is appearing to resist common sense remedies that would help to improve and streamline the department.

See you in September, as they say.

Let’s not kid ourselves about the message that all of this sends. These latest revelations (and the superintendent’s less-than-definitive response to them) will resonate with area parents more than any glossy door hanging or slick advertising slogan. Yeah, it’s all well and good to initiate expensive public relations campaigns designed to convince people that everything is OK at Richmond Public Schools. But wouldn’t it have been more beneficial and honest to work on the reality first?

This latest audit of RPS is scandalous stuff, sure. But it is hardly surprising and it’s certainly not breaking news.

Glazed Donuts, Yo!

Tuesday, June 16th, 2009

Gene Cox and his NBC-12 On Your Side Posse are in the house, y’all!!

Mad props to Style Weekly for finding this one.

When Not Really Risky = Extremely Hazardous to Your Financial Health

Monday, June 15th, 2009

Eagle Eyes here. Quick note from the new Lord of Local Business News, aka RichmondBizSense on ward of the taxpayer First Market Bank [emphasis added]:


First Market Sees Surge in Repos

Richmond-based First Market Bank has seen a rise in repossessions among clients who have not had credit problems in the past.

On Tuesday, BizSense reported that Richmond Auto Auction was seeing more high-end cars from local banks. (You can read that story here.) Today we heard from a local bank.

“People who have had a solid credit history are having their cars repossessed because they are losing their jobs and can’t pay for them anymore,” said Charles Munsey, a senior vice president for dealer financing at First Market.

Munsey said that First Market had not been put in jeopardy because of the increase in repos.

“We’ve always tried to give due diligence to credit applications and we’ve never been into really risky investments,” Munsey said.

Hoocoodanode???? As for the last part, just keep meditating on that mantra, and I’m sure things will get better soon. Lending money to folks who don’t have enough income or savings to comfortably pay their bills, and relying mostly on credit scores, should be a great long-term strategy. I can’t believe the Ukrops want to sell this place.

Other not “really risky” ideas pushed by First Market Chairman Jim Ukrop:

1. The “Super Safe” Broad Street CDA
2. The “Urban Money Fountain” Greater Richmond Convention Center
3. The “It Actually Pays you Money Back When You Buy Prepared Food” Performing Arts Center

If You’re Healthy And You Know It, Pay Back TARP

Wednesday, June 10th, 2009


“We’re going to find out who are the strongest kids on the block and who are not,” said Bert Ely, a longtime banking analyst.

Eagle Eyes here. Yesterday, the Treasury Department gave the O.K. to ten of the nation’s seventeen largest banks to repay funds received from the Troubled Asset Relief Program (”TARP”). Former Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke had forced the ten to accept bailout cash last fall, even though they may not have needed it, in a gambit to obscure the identity of the weaker, actual intended targets of the prorgam (specifically Citigroup and Bank of America), avoid runs on those banks, and preserve the nation’s teetering financial system.

Smaller, regional and local banks, also struggling in the face of surging loan and investment losses, lobbied hard and were subsequently included in the program. On February 6 of this year, Richmond-based First Market Bank received $33.9 million in bailout greenery.

Almost immediately after the worst of the financial storm passed, stronger banks chafed under the increased government scrutiny on executive pay and risk-taking and fought hard to gain clearance to repay the bailout money:


[Jamie] Dimon, calling money received through the Troubled Asset Relief Program “a scarlet letter” and “the TARP baby,” said on a conference call with reporters today that the New York- based bank is awaiting guidance from the U.S. Treasury Department. “We could pay it back tomorrow,” he said.

BB&T CEO Kelly King told analysts the TARP funds are “destructive” to the company.

“Our plan is to repay the [TARP funds] as soon as it is humanly possible,” Kelly said. “It creates excessive controls, it has a negative impact on our people and our strategies” and “it runs a great risk of politicizing the lending process, which is very unhealthy.”


“The company believes it has sufficient capital and access to capital to operate without the TARP money,” CEO W. Moorhead Vermilye said in a statement released last month when Shore Bancshares applied for permission to repay TARP funds.

In the March press release, Vermilye echoed that sentiment, saying: “It has become clear to us that the public, including many members of Congress, view institutions that participated in Tarp as having done so because they are weak, and not because they wanted to do their part to foster economic recovery.”

Weaker banks, with too little capital to pay back TARP, instead fired up the PR machine (I’m guessing “Troubled” is not a word loved by their marketers):


First Market gets TARP infusion of $33.9 million
“The TARP funds are meant for healthy banks,” said Katie Gilstrap, spokeswoman for First Market. “First Market has a very conservative credit culture. We have never been involved in subprime or risky loans.”


Bailout’ it’s not, Virginia bankers say
Virginia bankers cringe at the word “bailout.”

Many have applied for money that the federal government began offering last fall to boost lending in frozen credit markets.

But banking officials don’t want to be included with AIG Inc. and Citigroup Inc., or the automobile-manufacturing industry, as beholden to federal taxpayers for their financial prosperity…

However, now that certain banks have been deemed strong enough to return bailout funds (about two dozen smaller banks have already mailed Timmy G. the check) there is an easy way to accurately differentiate between “good” and “bad” banks. As a result, there will be tremendous pressure on banks to repay in order to avoid being lumped in the latter category. We should all pay close attention to those that cannnot.

It will be very interesting to see if First Market and its new suitor Union Bankshares (which received $59 million in TARP) can return the money. I’m guessing they don’t have the quan.

First Market has operated on a relatively thin capital base since a 2005 reorganization that saw Markel Corp replace SunTrust as a minority owner. Losses on loans and investments eroded their capital further.

And the news isn’t getting any better. First Market’s major lines of business include construction loans, home equity lines of credit, commercial real estate loans and auto loans, all showing significant deterioration at First Market and industrywide. Last week, large local builder Prospect Homes declared bankruptcy. Prospect owed First Market $4.2 million, or about 5% of First Market’s pre-TARP equity capital. Ouch! A few more losses like that one and they might have been graced by a late Friday knock at the door.

But, of course, Jim Ukrop leads a charmed life. With the taxpayers’ $33.9 million in his vault, he can keep the doors open and push though a sale to Union Bankshares that will reap him and his family somewhere on the order of $60 million+. But, if First Market is not going to pay TARP back, at least he can spare us all the “healthy bank” charade.

P.S. How about Richmondbizsense.com needing only about a year to take over as the source for local business news - well done guys!

P.S.S. Wouldn’t it be nice if we could all have a major newspaper give us tons of free advertising under the guise of journalism like this this this (only 6 sold?!) and this?

P.S.S.S. Ukrops Supermarkets only made a $465k profit last quarter and has about $100 million in debt. Better sell it fast…

P.S.S.S.S. Anthony Markel just sold more than $19 million of his Markel stock. Should you sell yours?

Quick Thoughts

Tuesday, June 9th, 2009

Mark Holmberg at Channel 6 weighs in on the city government’s ongoing war with the grassroots music and art community. Save Richmond has had disagreements with Mark in the past, but on this one, all we can say is: “Go Slim Go!”

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There are philanthropists who give money to things and then there are genuine community heroes. Retired real estate developer W.E. Singleton, a huge fan of Richmond’s underappreciated Parks and Recreation Department, has offered to pay for the restoration of the burned playground at George Mason Elementary all by himself. We salute you, Mr. Singleton. If we had ten more like you around here, Richmond might actually be going somewhere.

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Councilwoman Ellen Robertson’s “standards” never cease to amaze. We’ll just leave it at that.

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The emails are still coming in to SR H.Q. about this. We can’t explain it, except to say that it is further evidence of the impending apocalypse. For the record, “Eagle Eyes,” who wrote the cited Save Richmond post, had this to say: “I guess it is just cranks that read our site.”

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I hope all of you who came out to Broad Appétit on Sunday had a great time stuffing your faces. I know I did. And I hope everyone enjoyed those CenterStage hand fans that were being passed out. Just to remind: Three months away from its grand “gala” — on September 11th!! — the performing arts center still doesn’t have an artistic director, or a complete calendar of events. What has been announced on the schedule are programs that would have played the Modlin Center For the Arts if there had been no Centerstage. (Think about that for a minute). So enjoy those fans, folks — they may be the only windfall that Richmonders ever get out of the city’s ongoing boondoggle.

A Familiar Stink

Monday, June 8th, 2009

“We are now approaching Richmond. Please set your watches back thirty years.”Airplane pilot *

I don’t know what Mayor Jones is doing — perhaps the good reverend is indulging in a bit of Christian charity by giving a tarnished public official (Byron Marshall) from another part of the country another chance to get it right. If this is so, I applaud his virtue and his sense of compassion.

I would, however, suggest that gambling Richmond’s already-less-than-great political reputation on a personal rehab project is probably not a good idea.

In any case, the recent news out of City Hall comes with a familiar stink. Marshall, the mayor’s choice for the city’s Chief Administrative Officer, would seem to be a walking encapsulation of various scandals and embarrassments that have plagued Richmond the past few years.

Marshall took an improper outside consulting job while serving on a city payroll (didn’t Paul Goldman get vilified for that?), he took credit for a degree he hadn’t earned (shades of Rodney Monroe) and the economic program that he heads in Austin, Texas (the Austin Revitalization Authority) looks to have the same kind of dismal success rate that our own Broad Street CDA enjoys.

(At first glance, the hire does show some upside. Since Marshall would be coming from Austin, he just might be aware of how important it is to encourage nightlife. But articles like this one don’t inspire confidence in that area of expertise either.)

It is very disturbing that, of all of the candidates for the job, our mayor thinks that Mr. Marshall is the best choice to be his right hand man.

From the Austin Chronicle:

To say that the Austin Revitalization Authority’s relationship with its East Austin neighbors and the larger city has been rocky dramatically understates the history.

Since its inception in the mid-Nineties, the nonprofit development agency created by the city to spur economic growth along East Austin’s 11th and 12th Street corridors has fended off persistent accusations of incompetence, cronyism, and corruption. In response, authority President Byron Marshall, its board leadership, and other supporters have regularly returned the favor, accusing critics of racism, liberal paternalism, or simply bad faith, and have blasted the local media for not reporting “ARA’s accomplishments.”

Yet whatever the authority’s accomplishments, they never seem to arrive without long delay, bitter controversy, neighborhood opposition, and a common perception that the whole process might have been much better managed.

That sure sounds like a management style we need to bring to Richmond, doesn’t it?

[For more on Marshall's career, click here and here. It isn't a very pretty picture. Thanks to Ed at Richmond Good Life for compiling the coverage.]

It could be that cooler heads will prevail and Marshall will be bypassed in favor of a CAO candidate with less unsavory baggage. Let’s hope so. After all, there are plenty of tainted bureaucrats already living in this city. Why would Richmond need to import more of them?

* This joke is believed to be in the public domain.

Get Out Your Crayons!

Wednesday, June 3rd, 2009

slide71

Never has “fun” been so soul-crushing.

Dale Brumfield, the mad mockumentarian behind the “News from Doswell” blog, has created a “DMV Fun Time Activity Book” for your next Division of Motor Vehicles “experience.” Enjoy it here and then wait your turn in line.

Dale, the former co-founder of Richmond’s trailblazing ThroTTle Magazine, is currently on a “Buck Naked Book Tour” that will hit the Metro Space Gallery this Friday during the Artwalk (and again on Sunday). These live appearances — which won’t include juggling and speaking in tongues but definitely will include Brumfield keeping his damn pants on — are in support of his excellent new autobiographical tome, 3 Buck Naked Commodes: And 18 More Tales From a Small Town.

Dale is one of the funniest people alive. If you don’t believe it, show up at Metro Space Gallery and ask him! The shows start at 5PM.