Friday, April 17, 2009

CIB-Colts Contract Outrage: Audited Financial Statements

The Colts are entitled to get from the CIB audited financial statements done by an independent public accounting firm. The CIB, however, has no right to ask the Colts for an audited financial statement. I'm also wondering why the public and the elected officials, including our legislators, are not being being provided with these audited financial statements that are required under the contract.

SECTION 8.14. CIB Financial Statements. Notwithstanding the fact that suchfinancial statements may be generally available to the public upon request, CIB shall provide to Club as soon as available but in no event later than one hundred eighty (180) days following the end of each of CIB’s fiscal years during the Term, two (2) copies of its annual audited financial statements (including its balance sheet and statements of revenue and expenses), which shall be
certified by the independent public accounting firm that performed such audit.


jabberdoodle said...

The CIB has a new website with financial information posted. They have the annual reports under the 'financial reports' tab. The latest covers 2007. I understand the one for last year will be done some time in May. Unfortunately for the public, after this Legislative Session ends.

Paul K. Ogden said...


Thanks for the link. Unfotunately this leads to more questions than answers. These reports are not audited financial reports by an independent accounting firm as called for by the contract. These are reports prepared by CIB. '

If there are audited financial reports by an independent accounting firm why are choosing instead to make their own reports public instead? If there are no audited financial reports prepared for by an independent accounting firm, why not? The contract calls for them.

Then you have the fact that none has been provided for 2008.

Paul K. Ogden said...

I see that the independent accounting firm report is inside the CIB report. I"ll take a look at it.

Of course, it would be nice to have the 2008 report.

Jon said...

Wow a website that works just in time to push out the unofficial financial statement from the CIB. Too bad that it isn't an audit as required. Since it isn't an official audit it might be useful for lining your bird cage but not much else. It's just more smoke and mirrors, a pseudo statement of facts.

Jon said...

Under the heading Ludicrous 101, the Colts have a right to an audit of the CIB but the taxpayers don't have a right to see the Colt's books! Just more crap in an extremely generous Colt's contract.

Downtown Indy said...

Today's IBJ drops another bombshell on the Simons' - basketball is just one small game they're operating.

AI's writeup today on the IBJ story has me absolutely FUMING.

It's encouraging to see them cite you, Paul, as it shows again that people DO read the blogs. And thankfully, people are starting to read past the bullsh-t handed out by the teamowners, the CIB and our politicians.

I know said...

What you say if there was a bigger give away in Indiana than the $400,000,000.00 to the Simon's?