Portland Community Media, a publicly funded nonprofit that operates public access television stations, has operated in financial turmoil for years.
Portland Community Media, a publicly funded nonprofit that operates public access television stations, has operated in financial turmoil for years.
But a review by The Oregonian shows PCM has operated in financial turmoil for years due to mismanagement and misuse of its public funding. Board minutes, financial records and reports to the City of Portland describe an organization without basic structures to ensure its employees show up and are productive. Time cards have been faked, petty theft has been tolerated and accounting controls were so weak there was no way to determine whether fraud was occurring.
Cable customers and Portland taxpayers foot most of the bill — 70 percent of the current annual budget of $2.5 million comes from those two sources. Yet the nonprofit operates with little effective oversight or accountability.
PCM hasn’t produced audited financial statements for 2010 or 2011, though it is required to deliver them to the city 90 days after the June 30 close of each fiscal year.
Read more at OregonLive.com.
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