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Tri-Valley Community Foundation in deep debt, looking to close

Original post made on Jun 12, 2012

The Tri-Valley Community Foundation is more than $3 million in debt, and is looking to close and file liquidation bankruptcy by the end of June. It is also seeking criminal prosecution against its former president, David Rice. "We owe probably $3 million-plus, everything included," said TVCF board Chairman Ron Hyde. "There's no 'there' there."

Read the full story here Web Link posted Monday, June 11, 2012, 5:00 PM

Comments (4)

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Posted by Bill
a resident of Danville
on Jun 12, 2012 at 6:53 am

This whole mess just stinks to high heavens. How an organization can have so little oversight is absolutely amazing. If this is the case with the TVCF, what do all the other cushy little non-profits have going on? If this isn't illegally diverting funds when he had access and he required board oversight to dispense funds then he is guilty of illegally diverting funds and fraud. One would think the Rotary Clubs involved would have had a red flag go up but none did?


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Posted by Nancy
a resident of Danville
on Jun 12, 2012 at 8:20 am

This type of thing happens all too often. When a person accepts a position on a Board of Directors they must enter knowing their full financial oversight responsibilities. That includes monthly financial reports, a two signature requirement on checks (seeing the invoice to be paid), thoughtful deliberation expenditures and a plan for monetary assets.


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Posted by Old Danvillan
a resident of Danville
on Jun 19, 2012 at 7:45 am

This is an another unfortunate example of a Board of Directors more interested in the bragging rights associated with a charity than with making the necessary effort to properly oversee a charismatic executive officer. The Board heard what it wanted to hear and went on its merry way until the crash...and now they run for the exits and point fingers at their very own guy. They claim they didn't know. The Board is guilty of dereliction of duty and are responsible for the wrong-doing and mismanagement irrespective of officers and directors insurance. For Shame!


 +   Like this comment
Posted by A Local Citizen
a resident of San Ramon
on Jun 20, 2012 at 2:51 pm

Open Heart Kitchen has some problems. The board only sees what is wants to see as well.

They have a great amount of employee turnover.


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