IABC figures make for an 'ugly' picture

SAN FRANCISCO: The extent of the International Association of Business Communicators' (IABC) financial woes have this week been revealed, as unaudited numbers show a dollars 1 million loss last year for a negative net worth of dollars 505,600.

SAN FRANCISCO: The extent of the International Association of Business Communicators' (IABC) financial woes have this week been revealed, as unaudited numbers show a dollars 1 million loss last year for a negative net worth of dollars 505,600.

SAN FRANCISCO: The extent of the International Association of Business Communicators' (IABC) financial woes have this week been revealed, as unaudited numbers show a dollars 1 million loss last year for a negative net worth of dollars 505,600.

The figures, currently under scrutiny by Deloitte & Touche, were released in advance of the group's winter board meeting, held in Los Angeles last weekend. They showed that the group had revenues of dollars 5,810,000 and lost just over dollars 1 million.

The IABC's most recent CEO, Elizabeth Allan, quit after the discovery of a dollars 200,000 discrepancy.

Interim CEO Lou Williams characterized the numbers as 'ugly.' 'We lost a million dollars,' he said. 'There's nothing pretty about losing a million dollars on a budget of dollars 5.4 million.'

Williams said further details would be disclosed to the group's 13,500 members by e-mail next week.

Among other reasons, Williams cited 'financial sloppiness' for the loss.

Deloitte & Touche confirmed that 'malfeasance was not to blame.'

See Editorial, p.8.





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