Think Tank Files for Bankruptcy
The National Center for Policy Analysis has filed for Chapter 7 bankruptcy. Here is a brief overview.
Total indebtedness: $1,269,750.17
Money in the bank: $1.54
Hatton W. Sumners Foundation: $140,000
(This was endowment money the NCPA spent on operating expenses, without the foundation’s knowledge or approval. The foundation is seeking the return of the money.)
Evan Fitchett: $5,000
(Evan is a Chesterfield, Virginia high school student who won the NCPA’s Young Patriots Award for the best student essay two years ago and traveled to Dallas to be honored at an NCPA luncheon. He never received the money.)
Sussex University: $175,000
(This is for the work of economist David Tuerck, who did the NCPA’s tax work and who was funded by a restricted foundation grant. The NCPA apparently spent the money instead on operating expenses, without the foundation’s knowledge or approval.)
Richard Walker: $160,517.80
(This is money owed to a former executive in lieu of a pension.)
Money is also owed to almost everyone who was an employee on the day the organization closed its doors – in several cases more than $1,000.
One debt that was paid: the premium for the NCPA’s D & O insurance.