John Settle.jpg

John came to Shreveport in January of 1977 when he was transferred to Barksdale AFB.

He’s been active in Shreveport politics since deciding to make Shreveport his home.

John practiced law for 40 years and he now monitors local politics. He regularly attends Shreveport City Council and Caddo Parish Commission meetings.

John is published weekly in The Inquisitor, bi-monthly in The Forum News, and frequently in the Shreveport Times.

He enjoys addressing civic groups on local government issues and elections.

 

TRYING TO GET A REAL HANDLE ON SCI-PORT'S FINANCES IS NO EASY TASK

Understanding a financial statement is no easy task for a lay person, however a quick review of the Sci-port audit raises many red flags for the 2016 fiscal year. The report includes comments on transactions after the end of the June 30 fiscal year which further reflect negatively on the economic viability of Sci-port.

The audit report provides comparison totals for the 2015 and 2016 fiscal year which are telling to say the least. Current assets declined over $170,000 in the 2016 fiscal year and the total assets were over $585,000 less; the total current liabilities increased by over $85,000.

More telling are the operating cash totals: on June 30, 2015 operating cash was almost $239,000 and a year later is was zero. That means that the cash flow for the 2016 fiscal year was in the red by almost $239,000,—to be exact, $238,987.

In 2015 Sci-Port borrowed $250,000 against a line of credit; interest only was paid in 2015 and 2016. In January of this year this line was converted into a promissory note in the amount of $257,000; this note was guaranteed by two current Sci-Port board members.

In September of last year Sci-Port obtained a $100,000 loan from a company in which a board member is an officer and owner. Another loan was made to Sci-Port in the amount of $420,000 from the Sci-Port Foundation, which is a separate legal entity.

During the 2016 fiscal year Sci-Port also used donor-restricted funds to cover the expenses of programs and operations. As of June 30,2016 these funds should have totaled over $800,000; the actual cash on hand reflected a shortage of almost $350,000.

Sci-Port’s current liabilities on June 30, 2016 exceeded its current assets by over $677,000, which was an increase during the fiscal year by over $254,000. Based on these factors, the audit concluded that there was "uncertainty about Sci-Port’s ability to continue as a going concern."

Sci-Port has added a new children’s museum and the construction costs of almost two million dollars have obviously strained it budget. The total benefit of this addition in the terms of increased attendance and revenue versus costs is an open question.

Sci-Port officials advise that since June the staff has been reorganized and operating costs reduced while efforts have been made to increase fund raising. Like many other area non profit organizations the stagnant local economy will be a challenge as well as the fall opening of the Shreveport Aquarium which will no doubt compete with Sci-Port for visitors.

 

CADDO COMMISSION SUMMER WORK PROGRAM MORE SELF DEALING

I BOWL FUNDING OF CHARITIES EVIDENCE PUBLIC DOLLARS NO LONGER NEEDED