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Posted April 24. 2013 12:34PM

$1.5M needed to overcome Tri-County CAP mismanagement

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Fahey wrote that "adjusting entries of approximately $5.5 million were needed – and made – to correct accounting errors and to ensure TCCAP's books and financial records were accurate" as of June 30, 2012. He said the adjusting entries were many and varied and represented more than 25 percent of CAP's annual $20 million operating budget. "The size and extent of the entries show how disorganized and adrift the organization's finances were which, in turn, contributed to TCCAP's near collapse in mid-December of 2012," Fahey said.