Stockpiles of Gold

The board of a Canadian charity is regretting deeming an audit too expensive after realizing that the organization has been using a large amount of revenue to stockpile gold.

 The Toronto Star reported on The Ontario Society (Coalition) of Senior Citizens’ Organizations (OCSCO), a Canadian charity with a mission is to “improve the quality of life for Ontario’s seniors”, has spent large amount of revenue stockpiling gold.

 Frustrated directors say demands that to open the books led to heated arguments with executive director Morris Jesion in the society’s Wilson Ave. boardroom near Bathurst St. An independent audit ordered by a board committee in 2009 was never done because the cost (several thousand dollars) was deemed excessive.

 The society collects about $520,000 each year, from break-open lottery ticket proceeds as well as provincial and federal grants. However, in 2010 nearly $304,000 went to salaries for the executive director, two full-time staff, a part-time bookkeeper and consultants and the society had invested about $216,000 in gold investments.

 The society’s 2010 annual report boasts three pages of programming. It details a workshop in Sudbury to discuss the challenges seniors face in rural areas; computer training for seniors across the Greater Toronto Area; and five multicultural fairs.

 But critics say the society is piggybacking on the success of other groups, which organized and ran several of the events and programs while the society either helped fund or oversee them

To read more about it see The Toronto Star Article.