The Eagle River/Chugiak Parks and Recreation offices on July 9, 2021 in Eagle River. (Loren Holmes / ADN)
Municipal inspectors looking into accounting practices at a popular recreation facility in Eagle River found “deficiencies in recordkeeping and numerous inconsistencies within their financial records” during recent years.
The Anchorage Police Department confirmed there is an investigation connected with the facility, but declined to provide further details, citing the ongoing nature of the case.
Anchorage’s Office of Internal Audit released its report on the Harry J. McDonald Memorial Center on Dec. 31, 2025.
The facility, often referred to as the Mac Center, is owned by the Municipality of Anchorage, but run by a nonprofit, the Fire Lake Arena Management Inc., under the terms of a contract. Originally built in 1983, the McDonald Center has an Olympic-size ice rink, indoor walking track and large turf field, as well as meeting rooms.
The municipality routinely audits various departments, offices and facilities as part of its oversight of public resources. A previous audit of the McDonald Center in 2017 reported instances of financial mismanagement and accounting errors. A 2023 audit of the same facility found that the contract between the municipality and the nonprofit tasked with running it had lapsed, and as such, investigators couldn’t determine whether or not its terms were being observed.
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Even before the latest audit began in 2025, Yoshiko Flanagan, the facility’s current general manager, said she alerted the city about “abuses” she spotted when she began working there as a part-time bookkeeper at the end of 2023.
“Honestly, when I first came in, it was a mess,” Flanagan said in an interview last week. “Lotta red flags.”
Upon raising the issue to Mike Braniff, then the head of the Department of Parks and Recreation, staff immediately took it seriously, Flanagan said.
When city inspectors looked into the facility’s financial records, they found a number of irregularities, shoddy practices and probable misconduct that have all made a comprehensive audit of recent fiscal years impossible, according to the report.
“When we started our review, we were provided the financial records in several file boxes,” wrote auditor Kevin Song in the final report. Files were mislabeled, missing or incomplete for a time period stretching from 2021 to 2025, he noted.
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There were other problematic findings. Auditors were told by current staff that the former head of the McDonald Center “had privately re-registered the accounting system under their personal account, preventing the current management access to records prior to 2024.”
“The Center’s management informed us of a pending investigation involving a former employee related to alleged misappropriation of resources. The allegations include irregularities in payroll, corporate card expenditures, misuse of funds from facility-hosted events, and reregistering the financial system under their own personal account to manipulate data. A police report was filed, and the investigation is ongoing,” Song wrote in the audit.
According to figures cited in the audit and submitted to police, “the total potential financial impact was estimated to be $18,822.64 when it was reported; however, the exact amount remains unconfirmed pending the outcome of the investigation.”
In response to questions about the investigation, APD spokesperson Gina Romero declined to name the former employee, given that charges have not been filed and the case is ongoing.
One section of the audit details bonuses being paid out to employees even as the McDonald Center was operating in the red.
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“In 2024, $8,600 in bonuses were paid to full-time employees despite reporting $90,025.41 over the salary/wage budget and ending the year at a loss of $67,687.87,” according to the audit. “In 2023, the total amount of bonuses was $10,100.”
Elsewhere, investigators found that expenses had been filed for things never approved by overseers on the Fire Lake Arena Management Inc. board in the center’s submitted budgets, including $5,893 one year for “vacation expenses for employees” and $7,000 in “moving expenses.”
“Our review found no justification provided for such expenses,” auditors wrote.
According to Flanagan, under her tenure as general manager at the facility, those sloppy accounting practices have since been replaced with standard industry measures bringing the facility into compliance with its contract terms.
“When I did come in, yes, it was very mom-and-pop, (revenue was) handled very irregularly,” she said.
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She attributes some of the issues to the COVID-19 pandemic: The McDonald Center was navigating closures, loss of institutional knowledge among longtime staff and eventually an expansion in services quickly outgrew the old ways of doing things, creating opportunities for misconduct and mismanagement.
“There’s been a big turnaround,” Flanagan said, noting that after in 2024, under the previous general manager, the center ended its year with a deficit around $66,000. Last year, during which she was in charge, the McDonald Center was solidly above its revenue target.
A separate 2021 audit reported a “culture of excess” in procurement and spending practices at the Eagle River/Chugiak Parks and Recreation Division, a distinct entity under the municipality’s larger Parks and Rec Department that technically has oversight over the McDonald Center.
The up-and-coming fintech scored a pair of fourth-quarter beats.
Diversified fintech Chime Financial(CHYM +12.88%) was playing a satisfying tune to investors on Thursday. The company’s stock flew almost 14% higher that trading session, thanks mostly to a fourth quarter that featured notably higher-than-expected revenue guidance.
Sweet music
Chime published its fourth-quarter and full-year 2025 results just after market close on Wednesday. For the former period, the company’s revenue was $596 million, bettering the same quarter of 2024 by 25%. The company’s strongest revenue stream, payments, rose 17% to $396 million. Its take from platform-related activity rose more precipitously, advancing 47% to $200 million.
Image source: Getty Images.
Meanwhile, Chime’s net loss under generally accepted accounting principles (GAAP) more than doubled. It was $45 million, or $0.12 per share, compared with a fourth-quarter 2024 deficit of $19.6 million.
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On average, analysts tracking the stock were modeling revenue below $578 million and a deeper bottom-line loss of $0.20 per share.
In its earnings release, Chime pointed to the take-up of its Chime Card as a particular catalyst for growth. Regarding the product, the company said, “Among new member cohorts, over half are adopting Chime Card, and those members are putting over 70% of their Chime spend on the product, which earns materially higher take rates compared to debit.”
Today’s Change
(12.88%) $2.72
Current Price
$23.83
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Key Data Points
Market Cap
$7.9B
Day’s Range
$22.30 – $24.63
52wk Range
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$16.17 – $44.94
Volume
562K
Avg Vol
3.3M
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Gross Margin
86.34%
Double-digit growth expected
Chime management proffered revenue and non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for full-year 2026. The company expects to post a top line of $627 million to $637 million, which would represent at least 21% growth over the 2024 result. Adjusted EBITDA should be $380 million to $400 million. No net income forecasts were provided in the earnings release.
It isn’t easy to find a niche in the financial industry, which is crowded with companies offering every imaginable type of service to clients. Yet Chime seems to be achieving that, as the Chime Card is clearly a hit among the company’s target demographic of clientele underserved by mainstream banks. This growth stock is definitely worth considering as a buy.
ROCHESTER, N.Y. — Student athletes are now earning real money thanks to name, image, likeness deals — but with that opportunity comes the need for financial preparation.
Noah Collins Howard and Dayshawn Preston are two high school juniors with Division I offers on the table. Both are chasing their dreams on the field, and both are navigating something brand new off of it — their finances.
“When it comes to NIL, some people just want the money, and they just spend it immediately. Well, you’ve got to know how to take care of your money. And again, you need to know how to grow it because you don’t want to just spend it,” said Collins Howard.
What You Need To Know
High school athletes with Division I prospects are learning to manage NIL money before they even reach college
Glory2Glory Sports Agency and Advantage Federal Credit Union have partnered to give young athletes access to financial literacy tools and credit-building resources
Financial experts warn that starting money habits early is key to long-term stability for student athletes entering the NIL era
Preston said the experience has already been eye-opening.
“It’s very important. Especially my first time having my own card and bank account — so that’s super exciting,” Preston said.
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For many young athletes, the money comes before the knowledge. That’s where Glory2Glory Sports Agency in Rochester comes in — helping athletes prepare for life outside of sports.
“College sports is now pro sports. These kids are going from one extreme to the other financially, and it’s important for them to have the tools necessary to navigate that massive shift,” said Antoine Hyman, CEO of Glory2Glory Sports Agency.
Through their Students for Change program, athletes get access to student checking accounts, financial literacy courses and credit-building tools — all through a partnership with Advantage Federal Credit Union.
“It’s never too early to start. We have youth accounts, student checking accounts — they were all designed specifically for students and the youth,” said Diane Miller, VP of marketing and PR at Advantage Federal Credit Union.
The goal goes beyond what’s in their pocket today. It’s about building habits that will protect them for life.
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“If you don’t start young, you’re always catching up. The younger you start them, the better off they’re going to be on that financial path,” added Nihada Donohew, executive vice president of Advantage Federal Credit Union.
For these athletes, having the right support system makes all the difference.
“It’s really great to have a support system around you. Help you get local deals with the local shops,” Preston added.
Collins-Howard said the program has given him a broader perspective beyond just the game.
“It gives me a better understanding of how to take care of myself and prepare myself for the future of giving back to the community,” Collins-Howard said.
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“These high school kids need someone to legitimately advocate their skills, their character and help them pick the right space. Everything has changed now,” Hyman added.
NIL opened the door. Programs like this one make sure these athletes walk through it — with a plan.
With the introduction of the Employee Ownership Development Act , Illinois is poised to create the largest dedicated public investment vehicle for employee ownership in the country.
State Rep. Will Guzzardi’s bill, HB4955, would authorize the Illinois Treasury to deploy a portion of the state’s non-pension investment portfolio into employee ownership-focused investment funds.
That would represent a substantial investment of institutional capital in building wealth for Illinois workers and seed a capital market for employee ownership in the process. And because the fund is carved out of the state investment pool, it doesn’t require a single dollar of appropriations from the legislature.
Silver tsunami
The timing of the Employee Ownership Development Fund could not be more urgent. More than half of Illinois business owners are over 55 years old and are set to retire in the coming decade. When these owners sell their firms, financial buyers and competitors are often the default exit – if owners don’t simply close the business for lack of a buyer.
Each of these traditional paths risks consolidation, job loss and offshoring of investment and production. These are major disruptions to the communities that have long sustained these businesses. Without a concerted strategy, business succession is an economic development risk hiding in plain sight, and one that threatens local employment, supply chain resilience, and the tax base of communities across the country.
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Employee ownership offers another path. Decades of empirical research show that employee-owned firms grow faster, weather economic downturns better (with fewer layoffs and lower rates of closure), and provide better pay and retirement benefits.
The average employee owner with an employee stock ownership plan, or ESOP, has nearly 2.5 times the retirement wealth of non-ESOP participants. That comes at no cost to the employee and is generally in addition to a diversified 401(k) retirement account.
Because businesses are selling to local employees, employee ownership transitions keep businesses rooted in their communities. This approach can support a place-based retention strategy for state economic policymakers.
Capital gap
Despite the remarkable benefits of employee ownership and bipartisan support from policymakers, a lack of private capital has impeded the growth of employee ownership: In the past decade, new ESOP formation has averaged just 269 firms per year.
Most ESOP transactions ask the seller to be the bank, relying heavily on sellers to finance a significant portion of the sale themselves, often waiting five to 10 years to fully realize their proceeds. Compared to financial and strategic buyers who offer sellers their liquidity upfront, employee ownership sales are structurally uncompetitive in the M&A market.
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A small but growing ecosystem of specialized fund managers has begun to fill this gap. They deploy subordinated debt and equity-like capital to provide sellers the liquidity they need, while supporting newly employee-owned businesses with expertise and growth capital (see for example, “Apis & Heritage helps thousands of B and B Maintenance workers become owners”).
This approach is a recipe for scale, but the market remains nascent and undercapitalized relative to the generational pipeline of businesses approaching succession. To mature, the market needs anchor institutional investors willing to commit capital at scale.
State treasurers and other public investment officers could be those institutional investors. Collectively managing trillions of dollars in state assets, they have the portfolio scale, time horizons and fiduciary obligation to earn market returns while advancing state economic development.
Illinois’ blueprint
Just as federal credit programs helped catalyze the home mortgage and venture capital industries in the 20th century, state treasurers and comptrollers now have the opportunity to help build the employee ownership capital market in the 21st.
Illinois shows us how. The state’s Employee Ownership Development Act is modeled on proven investment strategies previously authorized by the legislature and pioneered by State Treasurer Michael Frerichs. The Illinois Growth and Innovation Fund and the FIRST Fund each ring-fence 5% of the state investment portfolio for investments in private markets and infrastructure, respectively, deployed through professional fund managers. Both have generated competitive returns while catalyzing billions of dollars in private co-investment in Illinois.
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The Employee Ownership Development Fund would apply that same architecture to employee ownership. The Treasurer would invest indirectly by capitalizing private investment funds deploying a range of credit and equity. The funds, in turn, would invest a multiple of the state’s commitment in employee ownership transactions.
The employee ownership field has matured to a point that is ready for institutional capital. The evidence base is robust. The fund management ecosystem is growing. And the business succession pipeline is larger than it will be for generations.
Yet the field still lacks the publicly enabled financing interventions that have historically built new markets in this country. State treasurers, city comptrollers and other public investment officers have the tools and resources at their disposal to provide that catalytic, market-rate investment to enable the employee ownership market to scale.
Julien Rosenbloom is a senior associate at the Lafayette Square Institute.
Guest posts on ImpactAlpha represent the opinions of their authors and do not necessarily reflect the views of ImpactAlpha.
