Sunday, October 30, 2011
NASI Ad: "Game Changing Shidduch Program"
The original NASI ad was located by a reader and is available at the 5TJT. Ad guarantees that every $ is guaranteed and anytime she wants her money back, she will get it back.
Ironies of ironies, there isn't a single NAME attached to the NASI ad, nor the name of a single Rosh Yeshiva, but there is a guarantee that the program will be operated with great transparency, oversight, and audit to instill confidence in the klal.
Furthermore, "all disperement checks of monies from the program will require the signature of one of the Roshei Yeshiva advertising the program." Well, ladies and gentlemen. . . the internal controls are flawed from the outset. With checks to be made out in the $13,000 range, there should be a minimum of two signatures!
I've already sounded the alarm on the Areivim "life insurance" program. And this looks as just as problematic (the entire concept aside). So here are a few questions:
NASI, whose tax ID number do you operate under? Are you organized as a non-profit, a S-Corp, a sole proprietorship? If you are operating under an existing non-profit, is the 990 available on Guidestar? If you are operating independently, what financials will you be publishing and when? Where are the liabilities held in escrow? What CPA firm has put together your internal control procedures and how will they be continually monitored? Who will perform and publish the audit you refer to? How many Roshei Yeshiva have signing authority over the checking account? Will check signers be involved in any of the book keeping or account reconciliation?
The ad states that the list of young women will only be handed to shadchanim once there are 50 girls. While I think the entire approach is completely flawed and degrading to Jewish singles period, I would highly recommend that until the above questions (and more) are answered, parents/young women should keep their money in an FDIC protected bank account or under a mattress for safekeeping.