Pandora's Box - Show Me The Money!

A religious organization is fueled by tithes, contributions, and donations. In CFC, how the money is spent was managed by its leader, Frank Padilla. The sole authority to approve major expenses and disbursement of funds lay with him. As a religious organization, the use of tithes must be accountable to the members of its community. These were given in good faith, and are supposed to go towards the organization's evangelistic goals and missions. It is of important note that there has only been one real accounting made by CFC in its years of operation, the one spearheaded by Lito Tayag when he was a member of the council in the late 90's. Actually that was just an attempt, it was never completed.

This subject was actually opened up in a comment in a prior entry before I was ready to post on it. There were several comment inquiries as to where the money from the DOH funds that was discussed in a previous topic was going and if an accounting of it has been made. In fact, I think a keen commenter hit it right on the head of the nail with this comment:

"After twenty-six years in charge perhaps it's harder to resign and let others take charge than it first appears. No one who knows more than the spin really believes this is about GK."

So I ask, as of today, what is CFC's financial status?

This report was given by HO Director, Lito Tayag, during the MC Teaching Night on Aug 21, 2007. Lito Tayag is a Council Member who was formerly a partner in a major multinational accounting firm.


Questions to be asked and answered:

Who are the employees who have unliquided cash advances?

When were the bank loans taken out, and why?

Who are the 10 employees who retired?

If anyone out there has answers to these questions and can help "show me the money", you are welcome to email or comment.

Coming up next, The Ghosts From the Past that Haunt the Present: Emails and revelations about the Coops for Christ and attempts to borrow money from them.