Professor Elam

North East Ind School District has finally declared a financial emergency, after using up valuable General Fund Money for the last three. Look at the financial plan . Does anyone see any discrepancy in the third power point slide?  It shows a fund balance of $50 Million Dollars, I doubt that…I will give them a call tomorrow.

As I have said in the weekly column, the next emergency will be municipalities, cities, schools, counties, hospital districts, you name it. If this is happening in a reasonably affluent part of San Antonio, I wonder what Philadelphia PA looks like?

The official statement is here for NEISD.

Now consider the museum two posts back, the general inability to face financial consequences noted by the NY Times article, and now this. And this is occurring wih the stock market at new highs for the year….Imagine what another melt dow will do.

Bottom Line, This is why we study accounting, as an accountng professional you will be called upon to sit on volunteer boards or perhaps run for local office. Trust me, you will be stunned and amazed at the inability to read a financial statement. And no one will seem to care or show much interest. Apparently the NE ISD thought the state legislature would ride to their rescue, wrong.