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desertrat77

BSA Mortgages Philmont Scout Ranch

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49 minutes ago, eagle90 said:

Wonder what the mortgage payment is on $450,000,000?

THERE’S AN APP FOR THAT! 😁

 

7F08FDB1-2036-4B1A-A5D5-DECD03EE1971.png

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37 minutes ago, RememberSchiff said:

"The properties of the ranch secure a mortgage from JPMorgan Chase."

https://en.wikipedia.org/wiki/Philmont_Scout_Ranch#cite_note-2

That was updated fast. 

It was updated yesterday.  Then deleted today as false information.  The updated again.   Wikipedia is fast....

Note that it is being edited by a user that was created 3 days ago and these are their only edits.  Not stating it is false, but where this is included is clunky in the report so I expect more experienced Wiki users will continue to edit.  

Edited by Eagle1993
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21 minutes ago, Eagle1993 said:

...where this is included is clunky in the report so I expect more experienced Wiki users will continue to edit.  

The change to include reference to the mortgage is nowhere near significant enough for inclusion in the opening paragraph.  It will be at the minimum moved to a blurb at the end, but more likely deleted.  The Wiki admins don't mess around.

Edited by Pale Horse
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8 hours ago, Pale Horse said:

The change is nowhere near significant for inclusion in the opening paragraph.  It will be at the minimum moved to a blurb at the end, but more likely deleted.  The Wiki admins don't mess around.

Wikipedia battle continues.   The info has once again been removed.

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The AP picked up the story 

...the move dismayed a member of Philmont’s oversight committee, who says it violates agreements made when the land was donated in 1938. The BSA disputed his assertion.

Top BSA officials signed the document in March, but members of the Philmont Ranch Committee only recently learned of the development, according to committee member Mark Stinnett.

In a memo sent to his fellow members, Stinnett — a Colorado-based lawyer — decried the financial maneuver and the lack of consultation with the committee.

I cannot begin to tell you how sorry I am to be the one to break this news to you,” Stinnett wrote. “The first point of the Scout Law is ‘A Scout is trustworthy.’ I am distressed beyond words at learning that our leaders apparently have not been.”

But I am even more distressed to learn that Waite Phillips’ magnificent gift has now been put at risk,” Stinnett added.

Stinnett wrote that ranch committee member Julie Puckett — a granddaughter of Waite Phillips — had urged BSA officials in recent weeks to recognize Philmont as a restricted asset based on the understandings of all parties when Phillips donated the land.

BSA management has instead stated its position that Philmont and its endowment are free and clear of restrictions and are thus theirs to take or encumber as they wish,” Stinnett wrote, depicting that stance as a “betrayal” of agreements made with the Phillips family.

The Boy Scouts disputed Stinnett’s assertion, saying nothing in the agreements with the Phillips family prevented the ranch from being used as collateral.

more at source:

https://apnews.com/277936941c824110ab626b9f3a1e68de

https://www-1.kansas.com/news/business/article237678609.html

Edited by RememberSchiff
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Wow. The list of topics related to poor communication from BSA continues....

It's obvious to me something is up. Something bad is happening, and they don't want to tell. If volunteers are so important, why don't they communicate with them? 

 

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What a mess.

National advises struggling units to "sell more popcorn."

When National struggles, they pawn Philmont.  Without notifying the Philmont oversight committee.  The Philmont oversight committee!  I guess the committee didn't have a need to know.

Remarkable business strategy.

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48 minutes ago, desertrat77 said:

What a mess.

National advises struggling units to "sell more popcorn."

When National struggles, they pawn Philmont.  Without notifying the Philmont oversight committee.  The Philmont oversight committee!  I guess the committee didn't have a need to know.

Remarkable business strategy.

This is what frustrates me the most. It's not the higher fees, I can deal with that. It's what appears to be blatant disregard for volunteer input, something that the BSA supposedly prides itself on. Obviously that's not true.

No more than right now is it more important to focus on the unit.

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1 hour ago, Cubmaster Pete said:

This is what frustrates me the most. It's not the higher fees, I can deal with that. It's what appears to be blatant disregard for volunteer input, something that the BSA supposedly prides itself on. Obviously that's not true.

No more than right now is it more important to focus on the unit.

I agree, Pete. 

From what I know, the Philmont oversight committee is a plum assignment. 

So National decided to pawn Philmont for 450M.  And not notify the committee.  When the committee calls them out, National pushes back on the committee.

Pushes back on the oversight committee.

If National has this level of disdain for a hand-selected group of gold loop volunteers, it shows how little they think of folks working at the unit level.

 

Edited by desertrat77

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Based on what it looks like to me, they had an existing line of credit, needed to increase it, looked at what they had available to hock and decides that Philmont looked good to them.  At some point you have to ask what they wouldn’t be willing to put at risk.

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2 minutes ago, Eagle1993 said:

Based on what it looks like to me, they had an existing line of credit, needed to increase it, looked at what they had available to hock and decides that Philmont looked good to them.  At some point you have to ask what they wouldn’t be willing to put at risk.

Given the direction the BSA is going in financially, I guess I will never have an opportunity to take my own kids to Philmont. The BSA is well on it's way to squandering the treasures that previous generations have been given to it. What an absolute shame. 

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