A city audit released last week concluded that a nonprofit which defaulted on a $400,000 loan from the city had been losing money for years and lacked strong financial management or internal controls.
The 18-page report took the Sacramento Region Sports Education Foundation to task for not following its own bylaws or the conditions or the city loan, including a requirement that the loan money be kept segregated from the foundation's general fund and only be used to organize and host the 2011 World Masters Athletics Championships.
http://www.sacramentopress.com/headline/73588/The_citys_bad_loan_to_a_troubled_nonprofit
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