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Archive for November 5th, 2017

Before WHO’s HiAP there was UN’s Agenda 21; As Usual, Internationally-Networked Nonprofits such as ICLEI-Local Governments for Sustainability USA, Inc.** ~ (1991ff, MA legal domicile, first HQ in Boston, then Berkeley, then Oakland, and lately Denver) ~ Help Spread the Latest Version of the Global Gospel. [Published Nov. 5, 2017]

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Post Title with Shortlink,  “Blog Genealogy” and Started/Published Dates:

Before WHO’s HiAP there was UN’s Agenda 21; As Usual, Internationally-Networked Nonprofits such as  ICLEI-Local Governments for Sustainability USA, Inc.** ~ (1991ff, MA legal domicile; first HQ in Boston, then Berkeley, then Oakland, and lately Denver) ~ Help Spread the Latest Version of the Global Gospel. (with case-sensitive short-link ending “-7N2,” post started 10/14/2017 as one of two spin-off posts from my “HiAP” one; being published   Nov. 5)

Blogger Alert to Readers: Post Version will be in flux after Nov. 5; it’s currently 15,000 words.  I’m not yet happy with the many sections or their flow, even after creating an experimental “Footnote Post” to this one, and at least two spin-off ones with related content —  however, I left in a major section with some very large images to juxtapose the smaller “ICLEI” organization with the huge, and older “ICMA.org” and its: subsidiary, controlled, disregarded, related (etc.) entities, in order to show at least who IS aware that the collective public sector retirement plans are a MAJOR investment platform, and profitable prize for whose who can manage to position themselves as administrators of it.

Separately, ICLEI is a name-changer with international origins, connections, and purposes. Inbetween I talk about journalism, as it was in a NYT article I first learned about the entity mentioned in the post and more.  For now, the “Read More” link is placed far down on the post.  Publishing now relieves some of the personal pressure mounting as I discover more and more down some of these “rabbit holes”…Thanks for your patience meanwhile. //LGH, Nov. 5, 2017



.. **If your first response is in part “Who the heck is ICLEI-Local Governments for Sustainability USA, Inc.?” know that so was mine, on hearing about it only a month ago from an article in the New York Times from more than five years ago:

Activists Fight Green Projects, Seeing U.N. Plot 

The article after characterizing the activists (in general, as “Tea Party,” ultra-right, conspiracy theorists complaining about simple plans to help the environment, etc.) claims that one of the targeted groups was this “ICLEI-Local Governments…USA,” above.  People were disrupting local town meetings where it was presenting….

[Some of this text repeated nearer the images, at the bottom of the post:]

So, naturally, I started the process of looking it up as an corporate entity and IRS-filing (and of course its website, which didn’t post the financials) and quickly found a location-shifting, and name-changing, Massachusetts-based nonprofit with Canadian and acknowledged international origins, and purposes, and (at first), even board member, and where the few grants it was distributing were going (the earliest return I found being only 2002) to cities in “SA” — South Africa.  In a FY2002 tax return, two of the street addresses for the Canadian directors/officers were “City Hall,” and one token American involved, just for appearances perhaps.. (See closing pages at the above link)

It is also primarily government grants-dependent, which given its international board, these may or may not be from the USA only, although I did find a reference in the back of one (FY2002) tax return to U.S. Dept. of State (U.S.AID) involvement.  And by this time promoting Agenda 21.

ICLEI (FY2002 BostonMA) FY 2002 PSA*, Related + USAID Statemts (3 images) (*Program Service Accomplishmts). Though the largest expense this year, statement was relegated to back of return and a lesser expense (Agenda 21) left on the IRS Form, alongside blank lines for other PSAs, instead). As THE primary expense, it was that year THE primary activity. This is “avoidance” 990-filing behavior.

ICLEI (FY2002 BostonMA) FY 2002 PSA, Related + USAID Statemts (3 images)

ICLEI (FY2002 BostonMA) FY 2002 PSA, Related + USAID Statemts (3 images)


 

This nonprofit has been active in the country since 1991 and has several extra characteristics which I think should be ON people’s radars, and stay there, along with similarly networked entities. If there is a list of such entities, “ICLEI-Local Gov’t.s” should be added and posted somewhere not to be forgotten — even though in literal size of revenues or assets it’s stayed SMALL (usually less than $5M) year after year.

What’s more, I should not be the only person gradually compiling and consistently publicizing a list of similar organizations as a sub-species of “tax-exempt, not-for-profit” sector, organizations which collectively comprising a type based on their memberships and naming conventions (i.e., being private but named after public institutions or public institution’s known functions, and by membership at times limited to civil servants, or targeted to the same.

Total results: 3Search Again.  EIN#043116623

Notice state entity address location change for FYE 2015.

But lookups show that this organization actually registered in Colorado 2011, filed perhaps one annual report in 2012, then didn’t for long enough to get its status changed for “failure to file” and eventually re-instated itself, and THEN later changed the home address on the IRS form… (Colorado filings details shown in this post, towards the bottom; the Massachusetts ones, shown mid-way..).

ORGANIZATION NAME ST YR FORM PP TOTAL ASSETS EIN
ICLEI – Local Governments for Sustainability USA CO 2015 990 28 $603,567.00 04-3116623
ICLEI – Local Governments for Sustainability USA CA 2014 990 29 $512,936.00 04-3116623
ICLEI – Local Governments for Sustainability USA CA 2013 990 24 $660,340.00 04-3116623

 

of dwelling or speculating too long WITHOUT coming to solid evidence or conclusions on matters (such as these) reported.

I took the time for some analysis of this article up through its introduction of “ICLEI” not just for that specific content, but also for the principles / reporting practices it demonstrates, sad (this time) to say.

The practices found in the article recur throughout journalism, on well-respected and not-so-well -respected publications (print and digital).  I believe it’s easier to catch and discuss as found in written format (including digital) than in videos in motion which must be freeze-framed, power-pointed or otherwise social/presentation-media-processed to discuss or analyze.

Meanwhile, mainstream and other media, has been and will continue consolidating into conglomerates and selling off the less profitable parts, to maximize profits, and the prior owners will often with their profits form philanthropies or more private foundations for good PR and political activism.** ## They will be de-emphasizing print, and increasingly focusing on dynamic audience + business interactions and feedback, and ways to “amplify” individual pieces across media, and in general are up-front about this.

## After publishing this post, I heard about Disney’s recent discussions on taking over most of “Fox”:

  • In The Atlantic Nov. 6, “A Disney-21st Century Fox Merger Would Be Invincible” by Derek Thomson in “Business” “It would be an enormous movie-and-television company. And an enormous antitrust headache.”
  • In the Financial Times Nov. 6: Disney Held Talks to Buy Most of 21st Century Fox, Matthew Garrahan in London and James Fontanella-Khan in New York.  Fox (owned by Rupert Murdoch) would keep its news and sports channels, but possibly not UK-based Sky (Euro pay-TV broadcaster), of which Fox owns 39% and is trying to acquire more…
  • At Bloomberg.com, Nov. 6 “Disney Starts a Fox Hunt,” by Tara LaChapelle.  Fox overall worth $50 billion:”…This news follows speculation that bubbled up just months ago about Verizon Communications Inc. potentially making a play for Disney — speculation, by the way, that Verizon’s own CEO Lowell McAdam helped fan, which lent more credibility to it than just run-of-the-mill market chatter. Nothing came of it, and that probably has to do with the fact that Verizon couldn’t afford Disney anyway, it being a $155 billion company. || Even so, it just goes to show no merger is out of the question these days.”

The NYT in 2014 had an “innovation report” by its new family scion taking over (5th generation Ochs-Sulzberger) for adopting a “digital first” emphasis…

A.G. Sulzberger Vanquishes His Cousins, Becomes Deputy Publisher of the New York Times  By  Oct. 19, 2016 in “The Daily Intelligencer,” website “NYMAG.com.

A.G. Sulzberger. Photo, “The New York Times”

The digital era is spurring rapid, radical changes to the way journalism is practiced and financed, but a few eternal verities have persisted through the disruption — good writing makes for good reading, reputations for accuracy take years to build and seconds to lose, and a man with the last name Sulzberger will always run the New York Times.

….Still, Sulzberger was always the favorite, and not just because he was the closest blood relation to the sitting publisher in a competition limited to family members: Sulzberger led the team that drafted the 2014 Innovation Report,** a document that outlined the challenges facing the paper in the digital age, and potential ways of trying to overcome them.

….Sulzberger’s father is now 65 — the same age at which his father bestowed on him the title of publisher. It’s not clear when the elder Sulzberger plans to pass the baton.

When A.G. takes the wheel as deputy publisher, he’ll be steering through turbulent water. The 2020 report on how the paper plans to survive in the digital age — and, relatedly, a downsizing of the newsroom — looms on the horizon.

** The 2014 Innovation Report is shown at NiemanLab, which reminds (readers) of the long-standing (1938ff) Nieman Foundation for fellowships in journalism at Harvard, left by Agnes Wahl Nieman, the widow of the man Lucius Nieman behind The Milwaukee Journal.  The $1M was specifically to promote the education of journalists.  Agnes was born (+/- Jan. 1865) to “wealthy German-Americans” in Chicago, the oldest of three daughters, and Milwaukee was at this time considered “the German Athens of the West.”  James Conant Bryant was President of Harvard.  It was eight years before women could apply for fellowships for the scholarships,  etc.  There were some questions about “why Harvard?” (including that the trustee was a Harvard grad) and challenges by family members.  Interesting story, anyhow…

Nieman began as a fellowship for select journalists to spend an academic year at Harvard in pursuit of individual study plans to strengthen their knowledge and leadership skills. That program recently celebrated its 75th anniversary; more than 1,400 journalists from nearly 100 countries have been awarded Nieman fellowships since 1938. Recently we added a short-term visiting fellowship for individuals with a specific project to enhance journalism who would like to spend up to 12 weeks at Harvard advancing their idea. Visiting fellows have included digital innovators, technologists, academics, and journalists from the U.S. and abroad.

A gift to the Nieman Foundation apparently comes through Harvard and not to a distinct foundation of that name filing tax returns.  No Forms 990 found, brief Annual Financial Reports show an endowment of about $130M, and despite donations from many foundations and individuals are reported on the same page (though not in what amounts), about $5M of assets are in the form of net Receivables,  and of Operating revenue, a similar ($5+M) amount of “Endowment returns made available for operations,” while of the Operating Expenses totaling, again, $5M+ more than half goes to “general administration” and less than half to actual Fellowships and awards, with a smaller amount to “outreach.”

Nieman Fndtn for Journalism @ Harvard (“financials” take it on faith) (not ‘audited” or on any official form separate from Harvard itself). Balance Sheet 2016 (left) 2015 (right)

Nieman Fndtn for Journalism @ Harvard (“financials” take it on faith) (not ‘audited” or on any official form separate from Harvard itself) Statemt of Operating Revs & Exps. 2016 (left) 2015 (right)

The 2014 Innovation Report apparently was leaked in the context of a sudden turnover of leadership with Arthur O. Sulzberger, Jr. (Chairman) ousted Jill Abramson as Executive Editor, replacing her (first woman in the role) with Dean Baquet after complaints about her management style.  NiemanLab on May 15, 2014, said “The NYT leaked innovation report one of the key documents of this digital age” An innovation team led by Arthur G. Sulzberger did a six-month study on how they could change.

Advisory Board to the Nieman Foundation pictured (click image to enlarge, or link in caption to see the rest of page showing affiliations and, if applicable, “NF” year, i.e., whether person was a former Nieman Fellow (I think).  I see, including those not pictured, 14 men to 8 women, and the general “color” of the advisory board (“not shown” includes Panama’s ambassador to Italy and Harvard’s Henry Louis Gates, Jr.):

 


[Reference from statement above “Meanwhile, mainstream and other media, has been and will continue consolidating into conglomerates and selling off the less profitable parts, to maximize profits, and the prior owners will often with their profits form philanthropies or more private foundations for good PR and political activism.**”] 

** I did a quick look at The New York Times Company Foundation and found that in 2001 it was recording actual grantees (functioning primarily as a grantmaking conduit year after year), but thereafter seem to have just stopped, on the tax returns at least.  (Three pdfs, complete Forms 990PF from 2008, 2003 & 2001 and an detail/ grants page/ from the 2008 return…)

[The NYT Company Foundation, started in 1955 as the New York Times Fund, Inc., has now filed for dissolution; see tax return showing assets “0.”  Meanwhile, a related 501©7 [social or recreational clubs, exempt since 1916) Entity was The NYT Fitness Centers, which I didn’t look up]. So the practice of this one was yearly funding by the company, through the foundation, to the (unnamed, at least on recent returns) grantees, in moderate amounts (under $10M usually), whether or not its assets in a given year were above or below the amounts granted.   Search EIN#136066955 (or entity name) to see more.]



 with commentary on the side, I deal with the concept of “ad hominem” (rightly applied or mis-applied), a reminder of who is the New York Times (Company), and links to a footnote-post to hold more of my deep concerns IF this NYT represents the major information source on its many issues for its many readers.  After that, I explain more of this post’s relationship to its parent post, and have more to show on the organization itself.

For comparison along the way, I referenced (1) another name- (but not content-) changing organization I’ve blogged before (which this one reminded me of in the nature of the namechange), “CFFPP” and, since this one was targeted to “Local Governments,” (2) another one also targeted to “local (City and County, i.e., below the state level), which has been around longer and is much more “flush” and influential — the ICMA (where the “C” doubles for “City&County) and its retirement plan management entity, “ICMARC” (or, it calls itself ICMA-RC”).

In defining this (and as suspected) a third “related” organization under slightly different name has existed since 2008, at the exact same address, as managed by ICMA (financial and administrative services), calls “the Center for State and Local Government Excellence” (“CSLGE”or they call it “SLGE”) — all of this physically at least located in Washington, D.C., and in a leasing from still yet another entity that (it turns out) several of the board members of one group also help run.

This next excerpt from an ICMA-RC’s 2015 Form 990 Schedule O supports my last statement. I’ve followed by “just a few” more showing accumulation of assets, and that its primary income (consistently) is in administering those retirement plans, and that and how movement to investment into wholly-controlled and unregistered (with the SEC) securities has been taking place in this century.  The words “VantagePoint” and “VantageTrust” also will be helpful glossary to the section.

In other words, ICMA, ICMA-RC and CSLGE substance is a major section of this post — and a reminder, at all levels, despite constant talk of deficits, in fact, governments (local, state, county, federal) continue to accumulate assets and place they where, hopefully, the public will not notice — such as under control of private nonprofits and their friends, with sometimes stunning salaries for administering them, and highly incestuous relationships among the board of directors or other controlling relationships over the same. 

Most images are 2014-2015 FY, however, the one with the outrageous salaries showing (2nd one colorful annotations), showing $4.4M (as in “million U.S. Dollars”) base pay for is main officer Joan McCallen (retired in 2015? from there — but not from the other entities shown on Schedule-R) and some others over $1M or $2M

Look at the multiple board overlaps…even with the organization that owns and manages the building it leases from in DC!

As fine print says, this is ICMA-RC for FY2008. Line 1 (with magnifying glass set to the $4.44M base pay (not including benefits — see also any Sched J if some of this may include bonus incentives) for Joan McCallen, she then retired (that year) to be replaced (by recall; check details) Bob Schultze, who besides ICMA-RC has  or has had involvements with related entities, including (see nearby image) as viewed Nov. 2017, the Center for State & Local Gov’t Excellence which entity I noticed in part from a Form 990, when ICMA-RC gave it a nearly $1M ($900K) grant. ICMA-RC’s primary activity certainly isn’t grant-making, so what grants are given, I noticed.  IN turn, on one of the CSLGE’s returns, I also see that ICMA or “ICMA-RC” was listed as the only Part VIIA “independent contractor” for “support services” when in fact, they are at the same DC street address and suite # and from the start were NOT “independent” in the least, even as reported on their tax returns! Maybe this enables yet more deductible contributions to make the donor’s profile and “program service accomplishmt.” activities (which might include grants) look more reasonable — while conserving money on shared expenses. (You Tell Me — why would such situations be set up and continued?) .REMINDER: These salaries are not even direct public sector salaries, but what the public sector (indirectly) still subsidizes to manage its substantial — obviously! — assets, or as many as ICMA-RC managed to get under its DC-HQ-based control  Meanwhile FY2008 was a ROUGH year for the average wage-earner and homeowner, nationwide (see “recession.”). (Myself included, but for far different reasons…)

 

From ICMA-RC FY2015 as it shows, “Other Securities” (as opposed to Line 11 Public-Traded- that it to say, registered through the SEC (or other country’s) regulation and available to the general public) were doubled this year (see other image or that year’s return from “990sFinder” table nearby on the post, or otherwise) from about $73M, while the (larger) amount held in public traded securities DEcreased by about $53M (roughly) to, still, $278M or so. Get the general idea here? This is a PRIVATE SECTOR, PRIVATELY-HELD, TAX-EXEMPT CORPORATION administering primarily (DNR if only) PUBLIC sector retirement plans — tax-exempt and for ongoing profits and high salaries to the administrators, whose background typically was already in government, complete with pension plans from gov’t also, ALL of which the public without access to this type of plans gets to continue funding, although well-managed investments should show enough ROI to sustain itself without constant outside contributions… or why hold all those assets in the first place?

As referenced above, see change in #s (Left column, right column) for lines 11 and 12. Same entity (ICMA-RC), same year (FY2015).

Sched-R Part I Disregarded Entities FY2014 is a category I don’t fully understand it, but the IRS apparently doesn’t consider them really separate from the Form 990 filing entity. “LLCs” may show up in this section….The other categories (Pts. II, III, or IV) would be tax-exempt (II), or, III taxable as partnership or trust, and IV taxable as corporation (or vice versa; I DNR offhand — see basic IRS Form 990), which is to say, federal income “taxable.” You can see which disregarded entities hold the most assets, and that some of these relate to the VantagePoint Funds, and (other references say) companies administering them.** The one in NH was only formed 2001 and I saw a Disclosure Memorandum (or similar term) recently indicating issuance of securities NOT registered under the SEC or insured by the FDIC, etc. — controlled by (essentially) the same top ICMARC and ICMA leadership.

More on the Disregarded Entities FY2014 Image above:

ALL are at the same D.C. street address (left column) with different names, legal domiciles, and data.

Notice (column “(b”) that three out of the four read “SEC-registered” but the fourth, legal domicile NH, is “State-Regulated Trust Company” (NH seems to classify it as “Domestic Bank.”  The others’ legal domicile is “DE.” So, the move seems to be away from SEC-registered entities and brokers which will also be shown in a moment below.  Now look at the INCOME (I have to presume that’s FY2014 income):  #2 the “Transfer Agents, LLC” has $162M income, but shows “0” assets, showing money must be moving through it to somewhere else — or was simply spent.  #4, the newer, NH entity, managing retirement assets, shows $124M INCOME, second in size only to #2.  Meanwhile, #3, VantagePoint Investment Advisors, LLC, is showing a respectable $27M income, but also some retained assets.

I have noticed some other prominent organizations moving from Massachusetts and/or the D.C. area (Delaware qualifies) north to NH, but cannot recall it in enough detail, and won’t insert any official comment on it.  The first one that comes to mind was related to the “CES” (Coalition of Essential Schools”) movement at Brown University (Rhode Island).  Another trend seems to have been moving from “Inc.” (Corporate) to “LLC” (Limited Liability) registration.  LLCs tend to show up in the “Disregarded” section of Forms 990.  (Disclaimer!! I am no expert on this, just observation).

Now look at the right-most column (ICMA-RC controlling entity for all).

**ICMA-RC manages its own set of mutual funds (VantagePoint Mutual Funds) and has been active recently (2001, 2017) in setting up another specialized, and limited-involvement type of investment NOT registered under the SEC while apparently (from what I can see at this level of looking — and I’m  no investment broker or adviser…!)  closing out access to purchase from those particular named funds as of Sept. 2016.

VantagePOINT Funds (as opposed to “VantageTrust Funds, or “VantageTrust Funds II” (see nearby images from Sept. 2017 disclosure memo and of NH registration for 2001-formed company as VT Trust Funds II “Trustee”)

The next round of offerings seems to be as I said, or at least in part, issued under exemption from Securities Exchange Commission registration.

The involved personnel here are well-paid and highly positioned.


 

VantageTrust Funds (replacing VantagePOINT Funds??) described (part of a brochure found on org. website), see named organizations under Sept. 2017 Disclosure Memo “INTRO.”


Search for “VantageTrust Company LLC” (blue bordered, wide image).NOTE:  The New Hampshire SOS registry doesn’t show this as one word (“VantageTrust”) as listed here, and described internally, but as two separate words, in its face sheets.  A search without the space between may not show the company’s registration initially.

(Searching NH Corp. Division database for the VantageTrust Company, LLC, after hearing about its 2001 registration. Notice it’s a “Domestic Bank” and business name is mis-labeled at the NH Corp. Division label, so appearing [unlike certain others beginning “Vantage” with no space before next word- see “Vantagefive”] out of sequence (although it was still found..)

Face sheet to 2001 NH VantageTrust Company, LLC Registration. Notice para. 2 named incorporators / first directors..

Face sheet, cont’d. to 2001 NH VantageTrust Company, LLC Registration. Notice the “LLC” isn’t referenced, and (bottom of this image) the name Joan McCallen of the 2008 $4.44M salary (!!) from ICMA-RC + benefits. She retired in 2015, at least from that ICMA-RC position.

VantageTrust II Funds (“Intro + Mgmt of the Trust” from Sept. 2017 Disclosure Memo (found on-line during Google search) establishes the NH LLC (formed 2001 and classified as “domestic bank”) [“NON-depository banking institution”] as Trustee and as wholly-owned subsidiary of ICMA-RC AND (as trustee) having complete control of the funds.  And, the availability of funds “generally to “eligible trusts” incl. “Public sector plans AND their participants. (Note: not SEC-registered).

VantageTrust II Funds (Sept. 2017 Disclosure Memo cont’d. listing other players (See Form 990 Sched R Pt. I, “Disregarded entities” list for ICMA-RC) announcing Exemption from Registration under Federal Securities Laws (i.e., not SEC-of-1933 registered) or Investment Company Act of 1940.


Re: the 2001 change of registration — An article on “CIT” (collective investment trusts) vs. mutual funds may be found at Manning & Napier Advisors, LLC, The Re-emergence of Collective Investment Trusts correlation to changes in the IRS (allowing tax-exempt status for CIT banks) since 1936, 1955, and the availability of a NCSS trading platform in 2000 may relate to the ICMA-RC decision (quote inside blue-borders, below):

I came to realize this may represent what ICMA-RC is marketing (in part) on seeing an example of it being passed at the Village of Germantown (WI) General Government & Finance Committee meeting, that is, reference to the specific phrase “Collective Investment Trusts” in association with Vantage Trust Company.  Few people were at the meeting, but the “new business” to subscribe to this investment apparently was passed without much fanfare.  It may have also been on the Sept. 2017 Disclosure memo above; at this point, I don’t remember which came first:

Village of Germantown Gov’t & Finance Committee Mtg Minutes 2/23/2016 (Image #1 of 2) shows how ICMA helps gain control of assets for the new type of CIT funds (VT II)

Village of Germantown Gov’t & Finance Committee Mtg Minutes 2/23/2016 (Image #2 of 2) shows how ICMA helps gain control of assets for the new type of CIT funds (VT II)

…The first CITs were pools of securities that were traded manually and typically valued only once per calendar quarter. In addition, they were limited to a few investment objectives, primarily concentrated in Stable Value. Since early CITs were unique to each bank and portfolio manager, information was not publicly available. In contrast, as of 12/31/2014, there are over 3,2002 CITs open for investment and covered by Morningstar, Inc. Furthermore, those CITs represent 75 different Morningstar Categories.

When 401(k) plans were developed in the 1980s, CITs were an option in many of the early plans; however, given the operational constraints of CITs and their lack of widely available information, mutual funds soon became the preferred vehicle in most 401(k) plans. Mutual funds offered many of the features that CITs lacked. They provided a wider array of investment objectives, were traded and valued daily, were marketed to retail and institutional investors, and were easily followed in the news media.

CLICK IMAGE TO ENLARGE! © Manning & Napier Advisors, LLC (shown for definition/background on CITs only, not legal advice).

An important development for CITs occurred in 2000 when the National Securities Clearing Corporation (NSCC) added CITs to its mutual fund trading platform, Fund/SERV®, allowing CITs to trade daily and as fluidly as mutual funds. ….many plan sponsors are once again considering CITs as investment alternatives.

...The most obvious difference between CITs and mutual funds is how they are regulated. Mutual funds are regulated by the Securities and Exchange Commission (SEC) under the Securities Act of 1940, whereas CITs are regulated by the OCC and state banking authorities. As a result, CITs do not have the additional compliance costs associated with SEC-required disclosure and filings. Being exempt from SEC registration also allows CITs to avoid the costs associated with other activities the SEC requires of mutual funds, such as creating and delivering proxies, prospectuses, and Statements of Additional Information. Furthermore, given their exemption, CITs may be quicker and less expensive to create, and may provide more flexiblity with regard to pricing than mutual funds, as CIT fees may be negotiable in some cases, especially for larger institutional investors. Investment expense is typically the largest expense of a retirement plan; thus, the lower expenses of CITs provide potentially considerable savings that can be passed on to plan fiduciaries and participants

 

Anyone that recognized the nonprofit “ICLEI-Local Governments (etc.)”  named in my post title here, once you see it, as important to track, should realize that any such sentiment should be amplified about 100 times for ICMA and (its) friends.

ICMA has been around for over a century (it says) and its retirement plan (ICMA-RC) maybe at this point a half-century, is large, established, connected, and is going for control of a known major source of investment assets in “Retirement plans” from government employees.  As such, and over time, they (ICMA-RC dating to 1970? and before it the ICMA (dating back it says to 1914) by now know WHERE major institutional (public sector employee) profits are going, and are going for control with purposes to manage them, for profit [very high salaries] obviously, to their CEOs, while some of such CEOs also come from the public sector of MAJOR systems (example:  Virginia Retirement System, i.e., handling an entire state’s pension investments…)

Bob Schultze has run ICMA-RC since February 2015 — before which he ran the “VRS” for 10 years.

The image here is from another nonprofit, “CSLGE” (they seem to call it the “SLGE”) which I saw an ICMA-RC tax return donate $900K to.  Just read the bio blurb for a description of ICMA-RC’s activities!

CSLGE –Center for State & Local Gov’t Excellence, Vice-Chair Rob’t. P. Schultze bio blurb also describes his previous employer, and the one before that.

CSLGE “Affiliations” fails to identify ICMA and ICMA-RC. This center is less than a decade old, and its first tax returns clearly identify both those orgs. as Sched R “related entities.” Interesting that it was started right after the “Great Recession” and when the IRS Form 990 reporting requiremts. changed significantly, asking more detail about the organization itself on page 1, adding certain Schedules, etc.


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Written by Let's Get Honest

November 5, 2017 at 7:40 pm

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