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Jul 16, 2014

Internal Problems within the Ariel Rosado Foundation

Alvaro Rosado

While the granting of scholarships was a happy occasion, there are internal problems within the foundation. A signatory to the bank account is refusing to sign cheques so the account remains inaccessible to the foundation. The matter is before the courts, but will possibly be settled out of court. Today, President Rosado said that the problem has arisen over differences in the philosophy of the foundation. 

 

Alvaro Rosado, President, Ariel Rosado Memorial Education Foundation

“We have been having internal problems with the Mister Sanchez. Apparently their idea of what the foundation was all about was not our idea. We tried to work it out for a year and half; they have decided to boycott the foundation so we have had to make a claim in court asking them to free up the bank account. In the meantime the foundation has found other ways to provide money to pay for the scholarships that we are giving. At this point in time, there is a bank account that is frozen with the majority of the money that we collected so far.”

 

Reporter

“So the only way this will be settled is through court?”

 

Alvaro Rosado

“We have tried every other way. Even through the court system we went into mediation and there was no resolution. We had the first case management on Monday and the judge made certain rulings that we hope will lead to an amicable conclusion of this matter.”

 

Reporter

“How can one individual board member—he was the treasurer, right—hold ransom an entire account?”

 

Alvaro Rosado

“It’s not the fact of being the treasurer. The fact is that my wife and I were not very savvy about foundation, organizations of this sort. Mister Sanchez approached us and offered to help us to organize a ride. We didn’t know anything about a ride but it was attractive because that was Ariel’s sport. But after the ride came about, the Sanchez’s then decided that they were not happy about how the funds were being used. The funds were being used to provide scholarships; that’s what we do with the funds. But apparently there were some differences about how the money should be used. And because we had invited them to be signatories to the bank account; we had set it up so that it would be one of the Sanchez’s and one of the Rosado’s just to ensure that everything is clear and transparent. The Sanchez’s then decided to hold us ransom and refuse to sign checks.”

 

Rosado also told the media today that they are unable to access the forty-four thousand dollars in the bank account. 

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1 Response for “Internal Problems within the Ariel Rosado Foundation”

  1. Howard says:

    Quit asking me to donate – I already do to students in my own way and with no fanfare or publicity- and now I learn if I did- there is internal debate? Thank you sweet Jesus I never gave

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