Multicultural Chamber in terrible financial shape, audit says

Multicultural Chamber in terrible financial shape, audit says

July 12th, 2011 by Staff Report in News

Document: 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.