Ex-CIAA head says $1.7 million deficit not his fault
02/24/2014 7:19 PM
02/24/2014 7:20 PM
Leon Kerry, the former commissioner of the CIAA, said the association’s $1.7 million operating deficit for the year ending in June 2012 isn’t his fault and that he left the organization in good financial condition.
Kerry abruptly left the CIAA in November 2011 after more than 20 years as commissioner.
The current commissioner, Jacqie Carpenter, came to the CIAA from the NCAA in September 2012.
Three months before Carpenter arrived, the CIAA’s deficit exceeded the CIAA’s cash reserves, which left the association with a debt of about $700,000, according to its tax returns.
In a story in Sunday’s Observer, Carpenter said that year was difficult financially for the association and that she has been cutting “excess spending.”
Kerry said the financial problems occurred after he left. “I left them in good financial condition,” he said. “Six months after I left, they are bankrupt.”
The association had a surplus of about $982,000 in June 2011, about four months before Kerry left. Kerry said Monday he doesn’t know why the association lost so much money so quickly.
The CIAA basketball tournament begins Tuesday at Time Warner Cable Arena.
The CIAA is in the last year of a contract to keep its tournament in Charlotte, and the city is hoping to extend the CIAA’s nine-year run here.
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