SFAI Is Not In Financial Exigency, According to Expert Accountant
Expert accountant Howard Bunsis concluded, based on SFAI's records, that SFAI is not in financial exigency. Bunsis is a Professor of Accounting at East Michigan University, earned a Ph.D. and MBA from the University of Chicago, and is an attorney and CPA. Bunsis is the expert accountant for SFAI's faculty union. In his report, Bunsis pointed out that:
- SFAI actually has had a $ 1 million dollar surplus for the fiscal year;
- SFAI has a steady revenue stream;
- SFAI's credit line debt was tremendously lower than the SFAI Administration had represented;
- The facts indicated that SFAI could borrow effectively if it needed to do so.
For a PDF copy of Bunsis's April 2009 memo report, click HERE.
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