Generally Accepted Accounting Principles (GAAP) and Good Governance are key words in the John Lahey and Hillary Beirne led hostile takeover of the Parade from the 180 strong affiliated organizations.
It seems that Lahey, Hillary and newest neophyte Sean Lane do not practice what they preach when it comes to the Parade and the Parade Foundation.
Saint Patrick's Day Parade Inc Financials June 30, 2014 and June 30, 2015
Section 9 Related Party Transactions (page 10)
Saint Patrick’s Day Foundation, NYC (the “Foundation”), a New York nonprofit corporation, was formed in order to support the Parade and to celebrate the contributions of the Irish to American society, with student scholarships, educational initiatives, publications and an ambitious year-round program of social and cultural events. The Parade is the sole member of the Foundation. The Parade does not have a financial interest in, or financial or current voting control over the Foundation.
U.S. GAAP requires a not-for-profit organization (the “parent”) to consolidate another not-for- profit organization (the “subsidiary”) when the parent is the sole corporate member of the subsidiary. The Board of Directors of the Parade believes that, because the Parade does not provide financial support to or exercise control over the Foundation, and because the Parade does not have any financial obligations resulting from its sole membership in the Foundation, consolidation of the Foundation would distort the financial statements of the Parade, which are intended to provide information about the Parade to the users of those financial statements.
Accordingly, the Parade has elected not to consolidate the Foundation as required by U.S. GAAP.
The Parade received a contribution from the Foundation in the amount of $30,000 during the year ended June 30, 2015 and is included in contributions in the statements of activities.
March 17, 2016 Irish Voice
The foundation maintains that the parade is deserving of a proper, full time staff headed by an executive director who can take the lead in growing the parade’s footprint. The future goal is to have a multi-million dollar endowment to help fund the parade’s operational expenses, and to have the march become an even larger presence in Irish America.
“For example, we don’t have proper merchandising which a parade the size of New York should have,” said Lane. “That’s one thing we can work on. The parade is so busy and gets so many requests year round. It would be great to be in a position to respond.”
(9) Parade Board of Directors are also serving on the Foundation Board of Directors.
Dr. John Lahey
Hillary Beirne and Sean Lane are both in leadership roles in the Parade and Foundation. Sean Lane maybe not for long with Brendan Lynch's lawsuit pending.
Why doesn’t the Parade and Foundation consolidate?
The Foundation finally held a scholarship process in 2017 and the deadline for all applications was 4/17/17. As of today 10/23/17 no formal announcement has been made. Contact Catherine Tully Muscente, co-chair, at firstname.lastname@example.org (please note there were NO parade scholarships distributed in 2013, 2014, 2015, 2016).
Where are the Foundation's IRS 990'S? (update 10/26/17 we added them below)
(Read the 3/16/16 Irish Voice article.)