The reports says that Veterans Corp has spent just 9% of its funding on the small business centers that it was founded to create. Veterans Corps is a not a grassroots veterans organization, but a Congressionally-created non-profit group. The VFW has called for cutting all federal funding for Veterans Corp, and redirecting that money directly to the Small Business Administration's veterans programs.A nonprofit veterans group has "squandered" hundreds of thousands of dollars of the $17 million in federal funds it has received since 2001 and essentially abandoned its mission of helping veterans start small businesses, according to the results of a Senate investigation to be released today.
The National Veterans Business Development Corp., also known as the Veterans Corp. (TVC), grossly mismanaged taxpayer dollars -- including lavish spending on costly dinners and luxury hotels, first-class travel, and compensation for its top two executives that amounted to nearly a quarter of the charity's federal funds, according to a report obtained by The Washington Post.
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Tuesday, December 23, 2008
Congressional Vets Group Wastes Taxpayer Money
The Washington Post reports on a recent Senate investigation showing that a group created by Congress to help veterans start small businesses has wasted 91% of its money on unreleated expenses:
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