Sacramento Non-Profit says can't repay city for loan on athletics event

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The City of Sacramento is broke.? It is trying to determine how many cops and firefighters to lay off.

Yet, the city was ?rich? enough to loan $400,000 to a non profit for a sporting event.? This is the same mismanaged city willing to give over $100 million to billionaires for their play toy, an arena for their basketball team to play in.

?The Sacramento Region Sports Education Foundation, which is the nonprofit support organization for the Sacramento Sports Commission , is in default and can?t repay a $400,000 loan to the city for the World Masters event, according to a staff report for Tuesday?s council meeting. The loan was supposed to be repaid last October. The organization also couldn?t repay a $150,000 loan Sacramento County supplied for the same event.

Oh, the County taxpayers will lose $150,000.

Since when are governments banks for the special interests?? My guess is that if you looked at the Board of Directors of the ?non-profits? you will find people with influence with government.? Corruption?? No, just government business as usual.

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Group says can?t repay city for loan on athletics event

• Sacramento Business Journal by Kelly Johnson, 5/4/12

The 2011 World Masters Athletics Championships ? partially supported by the city of Sacramento ? was supposed to help boost the economy and make money.

The event did pump money into the local economy, but it didn?t make money, and the organization that put on the event now can?t afford to repay a city loan.

The Sacramento city staff will ask the City Council on Tuesday to audit and limit city financial support to the organization known for attracting and orchestrating such large-scale sporting events as the 2000 and 2004 U.S. Olympic Trials for track and field.

The Sacramento Region Sports Education Foundation, which is the nonprofit support organization for the Sacramento Sports Commission , is in default and can?t repay a $400,000 loan to the city for the World Masters event, according to a staff report for Tuesday?s council meeting. The loan was supposed to be repaid last October. The organization also couldn?t repay a $150,000 loan Sacramento County supplied for the same event.

The city staff is asking the city?s elected leaders to temporarily postpone the loan due date until the city can craft a payback plan and conduct an audit. The council also will be asked to limit the city?s support of SRSEF ?to only specific event-related costs and exclude general operating costs,? the report says.

The World Masters event lost $300,000. The 12-day event attracted 10,000 visitors and generated $7.9 million for the local economy, including producing $2.9 million in hotel revenue and $70,000 in sales tax revenue to the city, according to the staff report.

Formed in 1988, the Sacramento Sports Commission is a joint city-county commission. SRSEF formed a decade later. It is funded by private contributions, event revenue and allocations from the commission.

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