Maybe we aren't smart enough to take care of ourselves.
Quote:
Accountant warns of Ho-Chunk bankruptcy
By The Associated Press
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MILWAUKEE "” The Ho-Chunk Nation is making major financial changes after a Milwaukee accounting firm told the American Indian tribe that it was facing bankruptcy.
The Milwaukee Journal Sentinel reported Sunday that the tribe hired Virchow, Krause & Co. to look at its books. In October, the firm told the tribe it must make sweeping changes. "The consequence of not making immediate and sweeping system changes is certain financial ruin,'' the
20-page report states. "The Nation has worked too hard and has too much of its culture and people's future at stake to allow this to happen.''
Ho-Chunk runs one of the most profitable Indian casino operations in the nation, with its popular Wisconsin Dells casino and other facilities bringing in more than $100 million in profits a year.
In response to the review, given to a small circle of tribal officials, the tribe last month cut a per-capita payment to all band members to about $2,300 per quarter, down from $3,250.
Tribal President George Lewis told the paper that other problem areas of spending were being reviewed.
"The Nation would like to announce that the areas deemed problematic have been and continue to be assessed in regards to sustainability and determining which recommendations are the most feasible,'' Lewis said in a written statement released late Friday. "Some changes have been made, some are under way, and others will be addressed later.''
The consultants blamed some of the financial woes on the frequent recalls of Ho-Chunk leaders, as well as deficit spending, poor budget planning and negative cash flow.
"Historically, the Nation's budget has not included all revenues and expenditures, which has resulted in dramatically underestimating certain annual costs,'' the report says.
The tribe, for instance, underestimated the cost of health care by about $13 million last year, about 10 percent of its overall budget.
The Ho-Chunk's cash flow "” the difference between the dollars brought in and the dollars paid out "” went from a surplus $23.8 million in 2001 to negative $104 million three years later, according to preliminary numbers cited by the accountants.
That means the Ho-Chunk last year squandered almost everything in its reserve fund, which had as much as $60 million in it two years ago
Special hunting and fishing rights, and now maybe a backruptcy bail out!
Good money after bad I say.
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There's no such thing as truth, only perception
"But the state Supreme Court nixed that compact, and the Ho-Chunk refused to make its payment last year and has said it won't do so in June unless a new deal is signed."
Financial problems my arse - they ain't gonna pony up the cash. Same with Potawatomi witholding the promised 48 Million.
You know , the tribes have been saying for decades that us "white eyes" should stay out of their internal affairs and just let them run their tribes in peace . It sounds to me like right now would be a good time to start . Let 'em sink .
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Kevin Haendiges
NAHC Life Member
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http://hunting-indiana.com
tard, they put the money due the state, $60 million, in escrow pending the results of litigation.
I have heard nothing about a bailout for the tribe. Will not happen.
I think this is much to do about nothing and a way to let the members know the monthly checks are going to be getting smaller.
I hope you do realize that the tribe has a bunch of White guys handling the business and the book keeping and I don't believe those casinos will be closong anytime soon.
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Now you have to picture a combination of PeeWEE Herman and Wally Cox but with less muscle tone, trying to be intimidating None of this is funny! Message edited by Cougar Mag -- 1/7/2005 1:16:42 AM >/b]
The liberals might be right
