Chapter 8 - The Former Director Returns With Records
Paul Mercer returned voluntarily after hearing about the review.
He had run the foundation for eleven years.
He looked older than Emma remembered.
Paul admitted starting the interfund transfers.
He said the first one prevented the foundation from missing payroll
during a delayed pledge cycle.
The restricted housing account had cash.
The unrestricted account did not.
He moved $90,000 temporarily.
It was repaid in three weeks.
Then the practice became easier.
A bridge.
Then a habit.
Then a system.
Paul insisted he never intended to deprive the housing program.
But by his final year, reimbursements lagged.
He also admitted approving Shoreline Advisory.
Why?
Brandon promised access to donors the foundation was losing.
Paul believed the consulting fees would pay for themselves.
Emma asked why the board was not told.
Paul answered:
“Because I thought Henry would say no.”
Henry closed his eyes.
That sentence was the governance failure in one line.
Paul had made a decision he believed necessary.
Then hid it because oversight might stop him.
Victoria asked whether she had known.
Paul said:
“You knew the gala was being subsidized by other accounts.”
Victoria denied it.
Paul produced an email.
From Victoria:
USE WHATEVER INTERNAL FUND KEEPS THE EVENT MOVING. HENRY DOESN’T NEED
EVERY DETAIL.
May you like
The room changed.
Victoria read her own words twice.
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