PENNLIVE: …In a letter dated Feb. 8 and first reported by The Philadelphia Inquirer this week, the head of the OAG’s Charitable Trusts and Organizations Section made clear he is looking into several “apparent violations” of a 2013 reform agreement, including:
* Alleged over-payment of Trust directors.
* Violations of new conflict-of-interest language, specifically pertaining to the summer employment of then-Trust Chairman Robert Cavanaugh’s son with one of the its investment management firms.
* A failure to take steps to elect new board members with specific professional expertise in issues pertaining to early childhood education and working with at-risk children…
In hammering out the 2013 reform agreement, Kane’s office found no breaches of fiduciary duty or criminal wrongdoing, but it did recommend a set of changes including the diversification of the board, pay cuts for board members to $30,000 annually, and tougher enforcement of conflict-of-interest policies.
If Pacella’s letter is any indication, the changes were easier to agree to than they have been to implement…
