I heard that we purposely have not paid bills on time, credit cards,vendors, rent, etc. that we did this because we had to wait on enrollment intake to catch up. Is this like a new Ponzi scheme for education?
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It's true
I heard there was an email that went out that we had to cut costs here and there and minimize the campus credit card. It was appalling as if the cost management issue was due to the practices at the campus level. How dare they. Don't try to point your finger our way when the cost management issues are due to corporate bad decisions.
Why pay today when we can pay next quarter at a minimum to make our revenue look stronger to Navitas and SAe Global with hopes of the enrollment intake will be strong enough the following quarter.
Money management was so bad that the high school ambassadors had to pay their own way. I'm glad that they sent all admissions and campus directors to that Cancyn trip though. That must have been a nice paid in full vacation.
They are not paying vendors, contracts or credit cards on time. CFO had no business being a CFO. He's been here for a year I heard and couldn't put the cost controls in place? How does someone screw up that royally in a year. We used to be financially secure!
I overheard my Campus Director speaking to a supplier about being almost 3 months overdue in payment. I felt so bad for both of them to have to cover for the executive team and accounting. How many times can one say that we've sent an email or called them and they said they are "working on it". It's so embarrassing.
The High School Ambassadors were asked to pay for the cell and data plans of their iPads. Not the entire plan, SAE said they would give us some money. But if I had known that I would have to pay to work at SAE, I would have worked at AMCO instead. Yet somehow they dropped 30k - 40k on our training. Then they don't even give us time to actually see The results. I blame the higher ups for not explaining the plan and using a bad timeline.
Very true. At my campus it took almost 5 months for a vendor to be paid. When asked by accounts payable, they were told to not pay that week, but it would go for weeks.
The CD couldn't use credit card a few times without it being declined.
Money management is a problem. I wouldn't say ponzie scheme but something wrong is going on.
I have first hand knowledge of late fees. I have witnessed my campus director being embarrassed due to credit cards being declined. Accounting and the CFO are young, in their 20s and early 30's. So they probably think it's ok to pay minimum balances or bring late. How did we put so much importance on inexperienced people is beyond me.