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Payment Type Date Number Name of Payee Memo Amount
Check 06/03/1998 9884 Karen Robinson Child Support $800.00
Check 06/12/1998 9908 Lori Bruecher Per Divorce 2,000.00
Agreement
Check 07/04/1998 10022 Albertsons 68.03
Check 07/07/1998 10028 Best Buy Television 443.80
Check 09/04/1998 10126 Seventeen Magazine Sub. 29.95
Check 09/11/1998 10267 Green Tree Harley Davidson 355.04
Check 09/15/1998 10276 Margaret Sea Doo 500.00
Kilpatrick
Check 10/11/1998 10399 Pat H. Boat Repair 300.00
Check 12/10/1998 10640 Internal 1997 1040 tax, 425.80
Revenue Service penalty & int.
As this table shows, Mr. Bruecher used Bruecher Foundation’s
bank account to pay various personal expenses. Rather than
recognizing any of these payments made on behalf of Mr. Bruecher
as deemed wages or dividends, the payments continued to be ear-
marked as “advances” and caused the “Advance -Bruecher, WM.”
account to exceed $141,000 at the close of Bruecher Foundation’s
fiscal year ending March 31, 1999. Even with certain adjustments
to the “Advance - Bruecher, WM.” account2 to recognize rent paid
to Mr. Bruecher for the corporation’s use of real property, by
the close of calendar year 1999, the account balance exceeded
$200,000.
There were no written agreements such as promissory notes
between Mr. Bruecher and Bruecher Foundation concerning the
“advances” to Mr. Bruecher. Mr. Bruecher did not give any
collateral in consideration for these “advances”. Bruecher
Foundation did not ask for or charge Mr. Bruecher interest and
2For the fiscal year ending Mar. 31, 2000, the account
“Advance - Bruecher, WM.” was labeled “Advance Officer” in
Bruecher Foundation’s general ledger.
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Last modified: May 25, 2011