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Audit finds Amistad America’s endowment in deficit

Amistad schooner replica (Helen Bennett photo)
Amistad schooner replica (Helen Bennett photo)

HARTFORD, Conn. – As of 2012, the state-subsidized Amistad America had liquidated its endowment assets to fund its operating expenses, leaving the fund more than $49,000 in deficit, according to an audit released Friday.

The four-year audit was conducted by a third-party firm, CohnReznick, and released Friday by the state Office of Policy and Management. It reviews the 2008-2012 finances of the troubled organization which operates the replica of the Amistad, a schooner taken over by African captives in 1839. The organization lost its tax-exempt status last year because it did not file tax returns with the federal government.

The state has invested millions in the ship and, until recently allocated $379,000 for it annually in the state budget. But according to the audit, the organization has had to burn through its endowment funds to cover its operating expenses.

See the complete story at CT News Junkie

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One response to “Audit finds Amistad America’s endowment in deficit”

  1. Pibermanfmc

    This is a long running 7 yr saga of mismanagement by those associated with the Amistad replica and failure of state officials from correcting the situation owing to political concerns. Sadly the Amistad built by Mystic Seaport has seriously deteriorated. Bleak future here. To be fair state sponsored sail ship replicas often fall on hard times. The magnificent Virginia built a decade ago now rots away berthed in Norfolk. With serious annual funding and competent management the Amistad could be a CT flagship. Instead it represents a CT gov. Failure.

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