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Charlotte Amalie
Thursday, May 30, 2024
HomeNewsArchivesCarnival Committee Must Be Accountable

Carnival Committee Must Be Accountable

Dear Source,
I would like to commend the Carnival Committee on a great job that they have done in the past years displaying the culture of St. Thomas and our Virgin Islands. This comment is not to place blame on anyone or point the finger, but maybe it might explain the reason for a some ongoing problems or a lot of financial mismanagement which is the root of a great deal of problems that plague our islands.

If you are running a business, before you begin a project you must have funds to do so. In order to obtain funds you must either raise them or get an appropriation of funds from whatever funding source is providing the funds. To obtain those funds a Plan and a Budget should be created to show or demonstrate the need for the funds requested. Based on availability of funds and the importance/priority of the project, an appropriation of funds is made to fund the project. (i.e. Carnival)

The Project ends. . .successful or unsuccessful? Profitable or Money loser? That is usually determined and measured based on how or where the money was spent-accountability. Financial report(s) should be in place during/after all events (and the overall project) to account for every penny or to show if the event was profitable/successful. IF a financial institution/funding source is to continue to provide ongoing funding don't you think there should be some reporting on how the funds were spent? Absolutely!

In corporations, the officers are ultimately responsible to the stockholders on overall matters of the firm, including the financial activities and reporting (filing of reports to the Securities and Exchange Commission (SEC). Officers are ultimately responsibility responsible/accountable. That usually determines whether or not they continue in such positions within the corporation. Has any heard of the Sarbannes-Oxley Act? Demise of Enron? Worldcomm? Hence the need for responsibility, accountability, and auditability. Forget "politricks".

The Carnival Committee is not a major corporation; however, financial matters should follow normal accounting guidelines and allow an AUDIT – not to expose/show any financial mismanagement, but to show accountability to the people for funds that they all end up paying for at some point in time.

D. Greaves
St. Thomian currently living in New Haven, Connecticut

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