published Tuesday, July 12th, 2011

Multicultural Chamber in terrible financial shape, audit says

Internal audit of the Tennessee Multicultural Chamber of Commerce
Internal audit of the Tennessee Multicultural Chamber of Commerce

The Tennessee Multicultural Chamber of Commerce has so badly mismanaged its money, including a $500,000 grant from HUD, “the organization’s ability to continue as a going concern should be questioned,” a city audit says.

The audit, released today by the city’s Director of Internal Audit Stan Sewell, says the chamber, which was created to help minority business owners, has several financial discrepancies in its budget paperwork for 2009 and 2010.

“Submissions to the city seem to consistently differ from actual expenditures,” the audit states.

Officials with the chamber are expected to approach the City Council tonight and ask for $75,000 in funding.

Among other problems, the chamber spent about $27,000 in per year on travel although its budgeted amount is $1,200 per year, the audit states.

It also notes that chamber Executive Director Sherrie Gilchrist makes almost twice the salary as the director of the Big Brothers Big Sisters of Chattanooga, although Big Brothers has 13 employees compared to the chamber’s four and 300 volunteers compared to the chamber’s eight.

For complete details, see tomorrow’s Times Free Press.

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harrystatel said...

Send Sherry to Washington where her financial wizardry works! Move over Tim Geithner, there's a new Treasury Secretary coming to town!

July 12, 2011 at 7:19 p.m.
Salsa said...

More Waste, Fraud, and Abuse.

July 12, 2011 at 8:11 p.m.
charle09 said...

This chamber is an organization that is needed and can play a vital role in our community. However, the leadership at the top is sorely inadequate. Sherrie Gilchrist is obviously not the leader that this organization needs. She needs to be replaced ASAP in order to preserve the intergrity of the Multicultural Chamber of Commerce...

July 12, 2011 at 11:01 p.m.
librul said...

What a pack of mongrels, yapping at the moon!

July 13, 2011 at 11:38 a.m.
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