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Katahdin Cultural Center - Creative Accounting? By Alyce Maragus
Mr. Hollowell lists "proceeds from Bank Loan" as $63,418.59. Curiously on the KCC web site he listed a loan of $200,000.00, then later corrected it to $120,000.00. Now is would appear to be $63,418.59? Any thoughts?
Then there are discrepancies in the contractor's expenses; and what about the $50,000.00 for the building itself which Tom St. John, the previous owner claimed in a Community Press article had not been received?
With all this money at stake one would think "they" could keep their figures straight. Instead it would seem "something is rotten in Millinocket" especially when it concerns the KCC and some investigation should take place, after all, some of this money come from the tax-payers.
Do we dare say it looks as though someone is lying or shall we just call it "creative accounting" and perhaps "stretching the truth"? ...More.
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