"Credit cards canceled, financial audit authorized, board members agree to step down."
"The legal fight over Angel Food Ministries, a $137 million nonprofit...Angel Food feeds 500,000 families a month...
...the Wingos’ company CREDIT CARDS WILL BE CANCELED, the nonprofit will undergo a forensic financial audit, and JOE WINGO WILL SIGN OVER TO Angel Food A COMPANY HE OWNS THAT WAS RENTING A CORPORATE JET TO THE NON-PROFIT AT $10,000 A MONTH PROFIT.
Joe Wingo and son Wesley will retain their agency roles."
http://www.ajc.com/services/content/printedition/2009/03/07/angelfood0307.htmlSome questions come to mind:
1. They feed 500,000 families/mo, = 500,000 families 12 months/year, with a budget of 137 million? So it costs 27.4 million per year per family?
2. How does the pastor of a church in a town with 11,500 people come to own a jet to rent out? Oh, wait, maybe he got it with money he borrowed from his "ministry"?
"Angel Food Ministries loaned $1.1M to family members"
"Angel Food Ministries, the Georgia nonprofit started to help struggling families with food costs, made more than $453,000 in unsecured loans in 2007 to formerly high-paid family members running the organization. It brought the total of their loans to more than $1.1 million over a two-year period."
http://www.ajc.com/services/content/printedition/2009/02/23/angel0223.html?cxntlid=inform_artr"...the average CEO salary of $50 million-plus nonprofits was about $218,000 a year.
Joe Wingo’s...salary jumped to $588,529 in 2006, when it sold $96 million in food with a $20.9 million profit. Wife Linda and sons Wesley and Andrew averaged more than $500,000 each that year.
“Five hundred and eighty-eight thousand dollars, that is just astronomical,” said Janelle Kerlin, an assistant professor in the Andrew Young School of Policy Studies at Georgia State University.
Kerlin compared that to CARE, the international development agency based in Atlanta.
'It brings in over $600 million a year. It’s a huge organization, far outsizing this one, and its top executive makes $400,000 a year,' she said."
Another question comes to mind: this is a tax-exempt "non-profit," selling food supposedly "at cost," but it makes 21 million in profit off 96 million in sales, i.e. 22% profit margin?
Woo, nice work if you can get it.