http://susanpolgar.blogspot.com/2007...llion-ipo.html

I am wondering what this is all about.

This company, touted on Susan's website only a few days ago, is now in
trouble with the SEC and the public offering has been withdrawn.

I am wondering if Susan is involved in some way with these people.

Sam Sloan

Correction: I wish to correct some misstatements I made yesterday.

Accoona is NOT involved in a securities scandal. Although the
underwriter of the Accoona IPO has withdrawn, the securities of
Accoona are still in registration and are awaiting a letter of comment
from the SEC.

Meanwhile, Accoona is in contact with two other prospective
underwriters.

My initial posting was based primarily on a news report in the New
York Times. However, the New York Times has since issued an official
correction of its erroneous news report.

Also, Susan Polgar is in no way involved in the management of Accoona.
Susan probably featured Accoona on her website because the CEO of
Accoona has sponsored several top-level matches involving Woman's
World Chess Champions.

Incidently, Susan is right now attending a Chess in the Schools and
Communities International Conference in Aberdeen, Scotland.

I regret the error.

Sam Sloan

You guys need a hobby - like checkers.




--
Paul A. Thomas, CPA
Athens, Georgia

Incidently, Susan is right now attending a Chess in the Schools and
Communities International Conference in Aberdeen, Scotland.


** Alekhine's Parrot at www.chessville.com lists the main papers plus
additional panel discussions at Cisscom. I am pleased to say that I have
been aiding the first ever attempted PhD in Chess who has presented 3
papers. I also told Bill Hall about the conference 7 months ago, and then
talked with Jerry Nash on the phone for an hour - unsure if that pair has
gone to Aberdeen. The conference is a very interesting one, with, I believe
1,100 mainstream educators attending an entire conference on chess.

I regret the error.


** Enough said.


Sam Sloan


"Paul Thomas, CPA" wrote in message
. ..

You guys need a hobby - like checkers.

**Look Paul, just because we parade our ignorance before you accountants,
you should realise that it is often just our ignerunts.

**Somewhere some rash CPA [laugh] is causing havoc in a Creationist
newsgroup during the current full-moon, by citing IRS rules going back 8,500
years. I know that's a poor joke, but its short.

Cordially, Phil Innes

--
Paul A. Thomas, CPA
Athens, Georgia

"Chess One" wrote
**Look Paul, just because we parade our ignorance
before you accountants, you should realise that it
is often just our ignerunts.

**Somewhere some rash CPA [laugh] is causing
havoc in a Creationist newsgroup during the current
full-moon, by citing IRS rules going back 8,500 years. I know that's a
poor joke, but its short.




I work with several non-profits, and those groups tend to have people who
don't understand financial issues, basic accounting, budgeting, cash flow
and the like. It seems the more ignorant those members are, the more vocal
they get about things they know nothing about, and they tend to be among
those bitching and whining about the financial statements. They also tend
to be the ones who'll study the floor with clasped hands when the call goes
out for volunteers to keep the books, be the treasurer, etc. It's more
"fun" for them to bitch ~at~ someone than be the one bitched ~at~.




Without more details, no one can competently discuss any of the audit
adjustments. By the way, how much do you pay the auditors anyway?




It just seems to me that if you guys are in such a tizzy about the books,
enough of you would bail out and form your own "club" and be done with it.

Ever thought of forming the ACA? Or the USCA? Or the NACF? Or any other
combination of alphabets?





--
Paul A. Thomas, CPA
Athens, Georgia

"Paul Thomas, CPA" wrote in message
.. .

"Chess One" wrote
**Look Paul, just because we parade our ignorance
before you accountants, you should realise that it
is often just our ignerunts.

**Somewhere some rash CPA [laugh] is causing
havoc in a Creationist newsgroup during the current
full-moon, by citing IRS rules going back 8,500 years. I know that's a
poor joke, but its short.




I work with several non-profits, and those groups tend to have people who
don't understand financial issues, basic accounting, budgeting, cash flow
and the like. It seems the more ignorant those members are, the more
vocal they get about things they know nothing about, and they tend to be
among those bitching and whining about the financial statements. They
also tend to be the ones who'll study the floor with clasped hands when
the call goes out for volunteers to keep the books, be the treasurer, etc.
It's more "fun" for them to bitch ~at~ someone than be the one bitched
~at~.



but aren't you going to comment about my 'rash CPA's'? surely there are
some! i mean the guys who wear colored shirts, eg

as you can see from the recent act here, its just a Gilbert and Sullivan
production around an election, and G&S couldn't stand each other.

Without more details, no one can competently discuss any of the audit
adjustments. By the way, how much do you pay the auditors anyway?

We're sorry, financial matters are secret, except if you ask the auditors.
Names of the auditors are secret and so is their report except to the board
of the 'membership organisation' ;(

It just seems to me that if you guys are in such a tizzy about the books,
enough of you would bail out and form your own "club" and be done with it.

Ever thought of forming the ACA? Or the USCA? Or the NACF? Or any other
combination of alphabets?

Um- yes. There are a few alternates, and some states don't take part. If
this election hadn't gone this way there would have been a new USA chess org
with 'adequate funding'.

Overall, these conversations represent disagreement about a small membership
group representing about 1% of chess players. It is the relatively serious
end, though not financially as serious as some alternates. It doesn't really
matter how much corruption goes on, since the organisation itself has never
mattered, and is negotiated rather than invested in.

It would matter if it grew into something vaguely remembling what chess
players wanted in the C21st, but that subject, you may be amused to learn,
is banned at its own forum, where no criticism of chess management can take
place. Therefore no questions arise about what any public wants, or in their
perceived short-falling of the current crowd. This is ensured by hiring a
half dozen rather strange people, some of whom are certainly strangers to
the truth as we know it, and insured for $11,000, in case anyone actually
says anything.

Isn't that boring?

But lookee here! Since you are a CPA and possibly gullible enough to give
free advice, what is the precedent for a non-profit forgiving a for-profit
its debt without any security or recovery of that debt? Let's say the amount
is about $150,000 and the non-profit in a monopoly situation.

Cordially, Phil Innes
Vermont

--
Paul A. Thomas, CPA
Athens, Georgia

"Chess One" wrote
but aren't you going to comment about my
'rash CPA's'? surely there are some!
i mean the guys who wear colored shirts, eg



Who, like me?

I haven't worn a tie in over a dozen years, 'cept to funerals and weddings.






Without more details, no one can competently discuss any of the audit
adjustments. By the way, how much do you pay the auditors anyway?

We're sorry, financial matters are secret,



Actually they shouldn't be, and there may be a legal and statutory
obligation to disclose to the members at a minimum, if not at the "open to
the public" level. Not that that means drill-down details and all, but
there should be reasonable access to the records. Not that, as I fear, all
who ask will understand what they see.

Like I said, I've dealt with enough non-profits to know how it works.






except if you ask the auditors.


Well, they'd not be obligated to disclose, and most likely wouldn't, except
to the audit committee or the board of directors. You really don't want the
auditors fielding questions from the members as the billings for that time
could break the bank.





Names of the auditors are secret and so is their report
except to the board of the 'membership organisation' ;(



Their name should be known to the members.






But lookee here! Since you are a CPA and possibly gullible enough to give
free advice, what is the precedent for a non-profit forgiving a for-profit
its debt without any security or recovery of that debt? Let's say the
amount is about $150,000 and the non-profit in a monopoly situation.




The NFP would be required to issue a 1099-C for the cancellation of the
debt.

The FP entity would have taxable income in most cases.

Then the board would have a fiduciary responsibility to not do business with
that entity in the future.







The board members know they are at risk for their decisions, both
financially and legally, right?

They can be sued for mismanagement, and even charged with criminal activity
if that's the case. That's why you do all you can when it comes to "full
disclosure", in the light of protecting certain details on personnel and the
like.





Y'all need to find a geeky attorney to join the board.





--
Paul A. Thomas, CPA
Athens, Georgia

On Aug 30, 1:19 pm, "Paul Thomas, CPA"
wrote:
"Chess One" wrote

**Look Paul, just because we parade our ignorance
before you accountants, you should realise that it
is often just our ignerunts.

**Somewhere some rash CPA [laugh] is causing
havoc in a Creationist newsgroup during the current
full-moon, by citing IRS rules going back 8,500 years. I know that's a
poor joke, but its short.

I work with several non-profits, and those groups tend to have people who
don't understand financial issues, basic accounting, budgeting, cash flow
and the like. It seems the more ignorant those members are, the more vocal
they get about things they know nothing about, and they tend to be among
those bitching and whining about the financial statements. They also tend
to be the ones who'll study the floor with clasped hands when the call goes
out for volunteers to keep the books, be the treasurer, etc. It's more
"fun" for them to bitch ~at~ someone than be the one bitched ~at~.

Without more details, no one can competently discuss any of the audit
adjustments. By the way, how much do you pay the auditors anyway?

It just seems to me that if you guys are in such a tizzy about the books,
enough of you would bail out and form your own "club" and be done with it.

Ever thought of forming the ACA? Or the USCA? Or the NACF? Or any other
combination of alphabets?

--
Paul A. Thomas, CPA
Athens, Georgia

Way to go Paul! You volunteering to be the treasurer/accountant/
auditor in residence for a new organization :-)
Rob(which-Mitch)

"Paul Thomas, CPA" wrote in message
. ..

"Chess One" wrote
but aren't you going to comment about my
'rash CPA's'? surely there are some!
i mean the guys who wear colored shirts, eg



Who, like me?

A radical! your are obviously in the private sector.

I haven't worn a tie in over a dozen years, 'cept to funerals and
weddings.

Same tie, or do you have two? I used to have very many, including wild
italian silks ones. Now I work from home, and except for weddings funerals
and interviewing royalty, pfft! I'm just like you.

Without more details, no one can competently discuss any of the audit
adjustments. By the way, how much do you pay the auditors anyway?

We're sorry, financial matters are secret,



Actually they shouldn't be, and there may be a legal and statutory
obligation to disclose to the members at a minimum, if not at the "open to
the public" level. Not that that means drill-down details and all, but
there should be reasonable access to the records. Not that, as I fear,
all who ask will understand what they see.

True, and of course, there will be at length resonable excuses produced for
reasonable delays, especially since it was election season, when everything
is so reasonable! Really, people are reasonable to the max, as they still
say in mendocino county.

Like I said, I've dealt with enough non-profits to know how it works.

That's a wink then, say no more squire, say no more.

except if you ask the auditors.


Well, they'd not be obligated to disclose, and most likely wouldn't,
except to the audit committee or the board of directors. You really don't
want the auditors fielding questions from the members as the billings for
that time could break the bank.

You actually know stuff, don't you. You can't hide it from me. Though I do
understand your point, except I didn't make mine very well, and whatever the
auditors disclosed is yet undisclosed. The people who have copies of the
auditors report pretend they don't understand they are being asked to share
it, or have the slightest obligation to, therefore, nobody knows nothin'*

*officially

Names of the auditors are secret and so is their report
except to the board of the 'membership organisation' ;(

Their name should be known to the members.

They were last year. But they change every year, and /who/ should make them
known to the members? Not that, as you say, this will reveal anything, since
they themselves are not obliged to disclose de nada baby!

But lookee here! Since you are a CPA and possibly gullible enough to give
free advice, what is the precedent for a non-profit forgiving a
for-profit its debt without any security or recovery of that debt? Let's
say the amount is about $150,000 and the non-profit in a monopoly
situation.




The NFP would be required to issue a 1099-C for the cancellation of the
debt.

Good grief! But what does that mean?

The FP entity would have taxable income in most cases.

Then the board would have a fiduciary responsibility to not do business
with that entity in the future.

AH! In this instance it insisted on continuing business with that entity,
initially upon an unsecured basis, until I [as ace journalist] voiced the
comment that another entity would secure the amount due, whereas there was
another round of negotaition, and the first [defaulting] outfit amazingly
got the contract, for another 5 years!


The board members know they are at risk for their decisions, both
financially and legally, right?

The board members do not talk 'with' anyone, they talk 'to' us. Thereby your
question could never be put to them, since questions as such are not
tolerated.

They can be sued for mismanagement, and even charged with criminal
activity if that's the case. That's why you do all you can when it comes
to "full disclosure", in the light of protecting certain details on
personnel and the like.

Your opinion is very interesting. 3 publishing houses are interested in this
topic, plus several authors, as well as the members themselves, who
subsidize this for-profit, so to speak. Their difficulty you see, is that
they are not allowed to write about it in their own forum, since it
conctitutes criticism, and they were never presented the plain facts in the
first place.

Y'all need to find a geeky attorney to join the board.

Hey - don't you boys down there go n "y'all" a yankee, a vermont yankee too,
which is wurse n'all v'all damn yankees. specially a foreign yankee vermont
yankee which is wurst of all damnj yankees

y'all keep yer flatlander talk down there wur it belong, boy! this dogg'll
hunt ye good, you good dissin us now

and thanks mate!

Phil Innes

--
Paul A. Thomas, CPA
Athens, Georgia

On Aug 30, 4:17 pm, "Paul Thomas, CPA"
wrote:

But lookee here! Since you are a CPA and possibly gullible enough to give
free advice, what is the precedent for a non-profit forgiving a for-profit
its debt without any security or recovery of that debt? Let's say the
amount is about $150,000 and the non-profit in a monopoly situation.

The NFP would be required to issue a 1099-C for the cancellation of the
debt.

The FP entity would have taxable income in most cases.

Then the board would have a fiduciary responsibility to not do business with
that entity in the future.

The board members know they are at risk for their decisions, both
financially and legally, right?

They can be sued for mismanagement, and even charged with criminal activity
if that's the case. That's why you do all you can when it comes to "full
disclosure", in the light of protecting certain details on personnel and the
like.

Y'all need to find a geeky attorney to join the board.

--
Paul A. Thomas, CPA
Athens, Georgia

Are you sure about this, because you have just put your finger on the
button?

Chess Cafe bought the USCF's books and equipment business in 2004, by
making by far the best bid and guaranteeing to pay a minimum of
$250,000 per year.

By mid-2005, they were far behind in their payments and refusing to
pay unless the USCF agreed to re-negotiate.

Finally, the USCF Executive Board agreed to forgive the indebitedness
of $150,000 and signed a new deal under which Chess Cafe guaranteed to
pay only $100,000 per year.

Naturally, the companies that were outbid by Chess Cafe are angry
because they were prepared to pay more than Chess Cafe ultimately paid
under the final renegotiated contract.

This all happened in the year BEFORE I was elected to the USCF
Executive Board.

So, now you are saying that the USCF Board could be sued for mis-
management and even charged with criminal activity.

Is that correct?

Sam Sloan