TVCF files for liquidation bankruptcy
Owes more than $150,000, including debts to local groups
The Tri-Valley Community Foundation has filed for Chapter 7 liquidation bankruptcy with more than $153,000 in debts, and leaving some charities without funds owed them, according to bankruptcy documents filed Sept. 24.
Among the debts left behind by the TVCF is $33,000 owed to the Tri-Valley Rotary Club; $25,000 owed to Amador Valley Education; and $11,000 owed to the Tri-Valley Housing Opportunity Center, court records show, along with many smaller debts, including $4,081 owed to the Livermore Valley Joint Unified School District.
The foundation fired CEO Dave Rice in May after financial discrepancies were found, and former judge Ron Hyde stepped in to take the reins. The TVCF's offices were closed in late June and its telephone and websites have been shut down for more than a month.
Hyde said in a June interview that the foundation was more than $3 million in debt and he expected it to close and file liquidation bankruptcy. He also said the TVCF was seeking to file criminal charges against Rice.
The Alameda County District Attorney's Office said no charges had been filed against Rice as of Sept. 26.
Hyde seemed unsurprised about the bankruptcy filing; he said, however, he knew little else, adding, "We haven't had a board meeting in months."
He referred all questions to two local attorneys. Sblend Sblendorio of Hoge, Fenton, Jones & Appel is the foundation's bankruptcy attorney; he did not return telephone calls made before press time Wednesday. Kirsten Barranti is representing the board of directors. Barrani would not comment on whether the board members would hold any person financial liability as a result of the collapse of the charity and its outstanding debts.
Court records show the foundation took in $1.375 million from July 2011 through June 2012, and $2.944 million from July 1010 through June 2011. Hyde has blamed Rice for making financial commitments the charity couldn't keep and using the foundation to feed his ego.
The foundation also misapplied money it received from big-name donors, including Sandia National Laboratories. Hyde said earlier this year that he expected insurance to cover all the money that was either misapplied or promised without permission from the board of directors.
"Nobody is going to lose any money," Hyde said in June. "We can and will get things worked out to everyone's satisfaction."
Much of the debt seems to have been covered. Court documents show no claims from Sandia, for example, and no claims by many of the smaller charities supported by the Tri-Valley Community Foundation, such as Open Heart Kitchen.
However, the TVCF owes nearly $80,000 to a host of small businesses, including $9,855 to Tri-Valley Community Television and $1,500 to former local television personality Mark Curtis, who flew in regularly to tape shows for the foundation.
Hyde stopped commenting about the TVCF in June, referring all comments to the public relations firm Full Court Press, which has yet to respond to questions from the Pleasanton Weekly. Full Court Press was not listed as a creditor in the court papers filed this week. A first meeting of creditors has been set for Nov. 3.
The court filing also shows a postal machine rented on a month-to-month basis by the foundation was stolen in early August.