Connect with us

Finance

NYS' $100M program to publicly finance campaigns prompts an emergency fix

Published

on

NYS' 0M program to publicly finance campaigns prompts an emergency fix

ALBANY — New York State has issued an emergency order to better verify contributors to campaigns before the state matches cash contributions under the new public campaign financing program.

The order was made two days after the June primary and in the midst of the program’s biggest rollout leading to the November legislative elections. It followed a media report that claimed the system was abused by an Assembly candidate who secured nearly $163,000 in taxpayer funds under the program, some of it with cash donations without a way to verify or contact the contributor.

The emergency amendment approved by the New York State Public Campaign Finance Board on June 27 requires that “contribution cards” that were already required for cash donations must include a phone number or email address so contributors can be verified.

The State Legislature created the program to limit the influence of wealthy donors. This election year, the first major use of the program, has drawn 316 candidates vying for 213 state legislative races. They have qualified to receive part of $100 million in state-funded matches to encourage small donations, $5 to $250, from individuals.

WHAT TO KNOW

  • The state has issued an emergency order to better verify contributors to campaigns before the state matches cash contributions under the new public campaign financing program.
  • The amendment, which came after a media report of abuse of the system, requires that “contribution cards” for cash donations include a phone number or email address so contributors can be verified.
  • This election year is the first major use of the program and has drawn 316 candidates vying for 213 state legislative races. They have qualified to receive part of $100 million in state-funded matches.

The response to the program by challengers and incumbents has exceeded the predictions of even the program’s most ardent supporters, but hasn’t come without problems.

The amendment came after The New York Times reported on fundraising by Assembly candidate Dao Yin in the June 25 primary. The Times said the Queens Democrat used “fake donations and forged signatures” in a campaign that received almost $163,000 in taxpayer money under the new public finance system.

Advertisement

Yin denied he faked contributions. “Everything we say is distorted” in the news media, Yin told Newsday.

In a written statement, he said his campaign workers “adhered to all the necessary procedures to meet the matching funds requirements. In the event of any inadvertent errors, they are actively collaborating with the New York State Public Campaign Finance Board to rectify them.”

The amendment resolution approved by the campaign finance board said, “Mandating that the contributor’s phone number or email address be provided on a contribution card would greatly assist in the audit and process of contributions in order to pay matchable funds, but are not currently required to be provided.” 

“The matching claim would be denied until that information is supplied,” said William J. McCann, co-program manager of the public campaign finance unit, at the June 27 meeting.

The amendment also ends the use of “good-faith letters” that campaigns can attach to donations with too little information to verify the identity of the contributor. Campaigns could provide the letter to say they tried but failed to get the information. Before the amendment, that could have allowed a campaign to receive a matching fund from the state.

Advertisement

“The implementation of the policy of accepting good-faith letters was not a regulation, but rather adopted during program development by bipartisan staff,” said Kathleen McGrath, spokeswoman for the state Board of Elections. “The good-faith letters were to capture a phone number or email address of a cash contributor if not included on the associated contribution card. These data points were not required to be submitted by a committee under the statute for public funds matching, but were an effort by the [state Public Campaign Finance Board] to go above and beyond in auditing submissions. “

With the amendment, “The policy of accepting good-faith letters has been rendered moot,” McGrath said.

The state Board of Elections didn’t immediately release data on the number of letters of good faith that have been accepted. Newsday has requested the data under the Freedom of Information Law.

Two other complaints were handled this year as part of the public campaign financing program, according to Public Campaign Finance Board records.

In April, the board received a complaint that Democrat Gabi Madden’s campaign violated state election law by using a prohibited “game of chance” as a fundraiser in her unsuccessful race to represent parts of Dutchess and Ulster counties in the Assembly. In June, the board dismissed the case without further enforcement action after the campaign refunded the contributions.

Advertisement

In May, the board investigated a complaint that Madden’s campaign failed to report expenditures or in-kind contributions for use of the campaign office. In June, the board dismissed the case without further enforcement action after the campaign amended its required financial disclosures.

At the same June 27 meeting in which the state Public Campaign Finance Board approved the emergency amendment, the board also authorized a referral to law enforcement in another case without saying who or which campaign was the subject of the referral.

McGrath wouldn’t comment.

Board vice chairman Brian Kolb, a Republican who when he served in the Assembly opposed public financing of campaigns, defended the rollout.

“We have a very solid process in place,” Kolb told Newsday. “With any new program, you might find some things that we probably should do a little bit differently … but if there are any issues, we fix them and that’s the whole approach.”

Advertisement

Blair Horner of the New York Public Interest Research Group, which supported public financing of campaigns, said “it’s not surprising there are hiccups the first time through.”

He said the Legislature should review this first year’s performance to determine if any changes are needed to improve accountable and thwart “people who are looking to game the system.”

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Finance

Weekly finance Horoscope November 24 to November 30, 2024: Aries find success in investments; Cancer sees long-held goals materializing – Times of India

Published

on

Weekly finance Horoscope November 24 to November 30, 2024: Aries find success in investments; Cancer sees long-held goals materializing – Times of India

Aries
Though things would get better with time, the first half of the week might not deliver any appreciable cash benefits. Some entrepreneurs could find now to be the perfect time to launch fresh projects. You might pay off a bank loan and even clear outstanding bills. Though be sure to have professional guidance, success is probably in the stock market and speculative projects, so it is a good time to think about major investments.
Taurus
Your financial condition will be strong, which will help you to reach significant targets. This is the right moment to proceed with ideas to buy a new car or house. Some ladies might also buy jewellery. Resolve any money issues with a friend or sibling in early part of the week. It’s also a good time to raise money for your company; entrepreneurs might come across chances to land financial agreements with promoters.
Gemini
Your financial situation will let you make wise selections. You probably will find riches arriving from many different sources. For sound financial management, think about speaking with a professional. Women might inherit land or pay off all outstanding debt. You could also have to budget for your child’s schooling. Before completing any new partnership agreements, business owners should wait one day or two.
Cancer
Today you will find a decent wealth flow. You could realize several long-cherished goals when money pours in. These days you might get a car as well as some electrical appliances. Good time to donate money to a charity is the second part of the day. Investors in stock, trade, and speculative company will make good profits.
Leo
Though there won’t be any major financial issues, you should nevertheless keep careful with your expenditure. Good returns on previous investments will let you employ this money to seize fresh prospects. Some Leos will work out a financial problem with a pal. Talk about money carefully with siblings to avoid possible conflicts. Business owners will be successful in today’s fund raising and clearing of all outstanding debts.
Virgo
You can run with small financial problems that might compromise wise financial decisions. Think of wise trade, stock, or land investments. You can also get an inheritance meant to help with your finances. For money management, speaking with a financial professional could help. A few Virgos will work out a financial dispute with a brother. Later in the day you could perhaps decide to buy a new house or renovate your current one.
Libra
You might have small financial problems, so you should control your expenditure closely. Steer clear of costly goods and be careful while handling money for others. Some Libras can come across family conflicts about land today. You might also donate money for charity, especially in the afternoon. Dealing with assets and investments, be deliberate and patient.
Scorpio
You will not run out of money, which will help you to readily handle daily problems. New commercial alliances will provide consistent financial flow. Your spouse’s family might provide financial help as well as probably approval for a bank loan. Now is a fantastic moment to follow your ideas for trying your luck in stocks or trade.
Sagittarius
Today your financial situation will be strong, which will let you think about purchasing or selling real estate. Donations for charities would be best during the second half of the day. Now is a great time to start trying your luck in stocks, trading, or speculative enterprise. Some women will take care of family finances. Those in business selling technology, fashion accessories, or transportation will find good profits.
Capricorn
Expect financial possibilities today with reasonable returns on past investments. Buying electronic gadgets is best done in the later part of the day. Though you should perform careful study before making any major decisions, think about investing in property or speculative projects. Usually with the aid of their partners, entrepreneurs will find money; clients may pay any outstanding debts, therefore relieving financial burden.
Aquarius
Feel free to buy basics like household appliances. Businesspeople might get money from overseas, and right now real estate is a good investment. Anticipate more costs; so, it would be advisable to see a professional financial advisor. You could also settle a legal matter; the later part of the day is appropriate for giving someone in need cash assistance. Get ready for potential legal issues that can call for a big financial outlay.
Pisces
Today you won’t run across any significant financial problems. Given your means, you could think about looking for jewellery or gadgets. Still, this is hardly the day for speculative business. You could buy or sell real estate; the later part of the day is good for helping a friend financially, provided you make sure the money will be returned right away. Using promoters, business owners will effectively raise money.
This article is written by, Sidhharrth S Kumaar, Registered Pharmacist, Astro Numerologist, Life & Relationship Coach, Vaastu Expert, Energy Healer, Music Therapist, and Founder of NumroVani.

Continue Reading

Finance

St. Augustine's says it will eliminate 50% university employees ahead of accreditation meeting

Published

on

St. Augustine's says it will eliminate 50% university employees ahead of accreditation meeting

RALEIGH, N.C. (WTVD) — Saint Augustine’s University (SAU) announced Saturday it will eliminate several positions, including non-faculty and vacant, this month ahead of its significant accreditation meeting.

Last December, the Southern Association of Colleges and Schools Commissioner on Colleges (SACSCOC) voted to remove SAU from membership due to its financial status. The university’s appeal was denied in February and then in July, the SACSCOC arbitration committee reversed the decision and reinstated SAU’s accreditation.

The SACSCOC board will vote on the next step for the university in December.

In a news release, SAU said to ensure compliance with the Southern Association of Colleges and Schools Commissioner on Colleges and keep its accreditation, the school has reduced its expenses by approximately $17 million in fiscal year 2024 compared to 2023. Reductions, totaling 50% of university employees, include 67 staff positions (41% reduction); 37 full-time faculty positions (67% reduction); 32 adjunct faculty positions (57% reduction); and stopping several under-enrolled programs.

SEE ALSO | St. Augustine’s alumni hosts celebration amid canceled on-campus homecoming

Advertisement

The university also said it will be actively settling outstanding balances with vendors and adjusting various contrasts.

SAU also reported completing four financial audits for fiscal years 2021, 2022, 2023, and 2024, and restoring employee payroll and health insurance benefits.

The HBCU university — remaining millions of dollars in debt — secured a $7 million loan from Gothiuc Ventures with a high-interest rate. To get the loan, St. Aug’s put up much of the university’s main campus and off-campus properties as collateral.

Gothic Ventures tells ABC11 that the interest rate offered was determined by the financial difficulties faced by the university, which included a recent audit, historical revenue losses, and outstanding debt.

SEE ALSO | Saint Augustine’s University’s high-rate $7 million loan puts HBCU in jeopardy, finance experts say

Advertisement

Many, including SAU alumni and finance experts, are concerned about this loan.

“We are concerned about the partnership between Gothic Ventures and Saint Augustine University because if for any reason Saint Augustine is unable to repay Gothic ventures, the land will be lost and the university as we know it will cease to be,” alum Bishop Clarence Laney said.

The lawsuit against the board of trustees by the SaveSAU Coalition was also recently dismissed.

EDITOR’S NOTE: The featured video is from a previous report.

Copyright © 2024 WTVD-TV. All Rights Reserved.

Advertisement
Continue Reading

Finance

Assess your financial risk before new policies affect the economy

Published

on

Assess your financial risk before new policies affect the economy

I’ve been thinking about financial risk lately.

Should I change my asset allocation in my retirement portfolio, considering Donald Trump’s successful bid for the White House? Stock market valuations have risen smartly in recent years, which real income growth, productivity improvements, technological innovation, low unemployment rates and healthy corporate profits have largely powered. Yet with the election of Trump, voters have approved a massive economic experiment.

The Trump administration comes into power with many policy goals, but four economic initiatives stand out: Enacting significant tax cuts; imposing broad-based and significant tariffs; sweeping raids, mass deportations and tighter immigration controls; and slashing federal government regulations. The extent that these plans turn into reality and how each policy will interact with the others is uncertain. The risks are obvious. The outcome isn’t.

Enter risk management, a critical concept in finance. Professionals often associate risk with volatility. The tight link makes sense, since owning assets with high volatility hikes the odds of losses if there is a pressing need to sell the asset to raise money.

However, for the typical individual and household, risk means the odds money decisions made today don’t pan out. Managing risk means lowering the negative financial impact on your desired standard of living from decisions gone wrong and when circumstances take an untoward turn.

Advertisement

“Anything that makes reaching or maintaining that more likely reduces your risk, and anything that makes this less likely increases your risk,” writes Bob French, the investment expert at Retirement Researcher. “Everything else is just details.”

The key risk management concept is a margin of safety, a bedrock personal finance idea broader than investment portfolios. It can include having an emergency savings fund, owning life insurance to protect your family and investing in your network of friends and colleagues to hedge against the risk of losing your job. The right mix depends on the particulars of your situation.

In my case, after studying my portfolio, running household money numbers and reviewing lifestyle goals, I’m comfortable with the asset allocation in my retirement portfolio. There is too much noise in the markets for comfort, and market timing is always tricky. The prudent approach with my individual situation is to stay the course.

Continue Reading
Advertisement

Trending