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A local CDC operated several programs and three major real estate projects. Upon being engaged we found:

  • No financial records for two years
  • Detailed subsidiary ledgers did not agree to financial records
  • No cash flow planning or budgeting
  • An entity out of control incurring substantial ongoing loses
  • Financial information provided the bankruptcy court was materially inaccurate

Action Plan

  • The CRL team consisting of an interim CFO to deal with current operations, Senior Consultant to reconstruct twenty - four months of financial information, and a partner to integrate the financial and operating plans.
  • The team installed new technology and systems to provide meaningful on time real time information to management and the board.
  • The team reconstructed prior financial records literally assembling data from "shoe boxes", and third party inquiries.
  • The team interacted with the Board of Directors and management to bring about a balanced operating plan and a focus for the future.


  • Issuance of financial statements that increased liabilities by $2 million and reduced assets by $1.7 million versus the financial information previously reported to the bankruptcy court
  • Issuance of Prior Year adjustments to "audited" financial statements for $2.5 million
  • Uncovered a joint venture agreement that resulted in overstatement of prior years income by $500 thousand
  • The fair market value of the real estate exceeded market value by $10 million
  • Reduced claims submitted by vendors by $700 thousand
  • Our work allowed the entity to renew its license to operate and successfully emerge from Chapter 11


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