Mass. Horticultural Society Freezes Accounts
August 25, 2008 | Read Time: 1 minute
In an attempt to avoid bankruptcy, the nonprofit Massachusetts Horticultural Society, in Wellesley, has frozen its accounts and plans not to pay creditors until a review of its finances is complete, reports The Boston Globe.
The organization laid off some employees in June, and now questions are being raised over whether it should hold its annual New England Spring Flower Show, which typically costs about $2-million, the paper reports.
Betsy Ridge Madsen, president of the society’s board, said trustees were misinformed at times regarding the organization’s financial problems.
“There has been a lot of mismanagement on a lot of levels,” Ms. Madsen tells the Globe. “The fact is, what we saw on paper was not the actual state of affairs.”
The organization recently started a new fund-raising campaign and is considering whether to sell some of its $8-million in stocks, bonds, or other assets, the newspaper reports.
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