Breaking News

1) I.C. Knott, the Executive Director of CRAC has tendered her resignation from the Commission after confidential sources leaked that she: failed to disclose her partial ownership in a company that manufactures cryonic burial equipment, and the mortgage on I.C.’s house is held by Freon Bank. Freon Bank’s largest depositor and consumer of financial and investment services is CryBur, and I.C. is in default on her mortgage payment. I.C. has stated that she was not the only CRAC Commissioner with undeclared conflicts of interest and has vowed to expose other commission members.

Script for IC Knott Resignation “Late Breaking News”

Newscaster: “We interrupt this program to bring you a special bulletin from the Whitehouse Press Corp.

I.C. Knott, the Executive Director of the Cryonic Regulatory and Advisory Commission, otherwise known as “CRAC,” has tendered her resignation from the commission. CRAC was formed as a result of legislation mandating cryonic burial in the United States in an effort to curtail the effects of ground burials on the environment.
Confidential sources have revealed that Knott failed to disclose her partial ownership in CryBur, Inc., the company that not only manufactures cryonic burial equipment, but is also considered a stakeholder of CRAC who must be consulted on the financial and budgetary plans of the Commission. Additional sources state that Knott’s mortgage, which is held by Freon Bank, is in default. Freon Bank’s largest depositor and consumer of financial and investment services is CryBur, Inc. When questioned by reporters, I.C. Knott responded with the following:”
I.C. Knott: “I am not the only CRAC Commissioner with undeclared conflicts of interest. I vow I will expose other commission members so that this important legislation for the environment has an opportunity to succeed. I will be vindicated!”
Newscaster: “Again, I.C. Knott, has resigned as the Executive Director of the Cryonic Regulatory Advisory Commission, or CRAC, due to undisclosed conflicts of interest. We’ll be reporting on this story as it develops and bring you the latest updates as they happen. And now, back to your regularly scheduled programming.”

Financial Implications of I.C.’s Resignation 

Since I.C. has handpicked you to craft CRAC’s budget, and her veracity has been called into question, you may have a difficult time obtaining budget approval. Decision makers may feel that any fiscal decisions or policies made under I.C.’s administration should automatically be called into question.

Decision makers could react in a number of ways in attempting to assure the public of the stability of CRAC, notwithstanding the revelations regarding I.C. and her subsequent resignation. For example:

• Decision makers could elect not to adopt the budget you present and request an outside accounting firm to draft a new budget. This action would result in a costly expenditure of approximately $1.8M to contract for the services of an accounting firm.
• Question your methodology and budget on the basis of I.C.’s conflict of interest (the assumption being that you are tainted by your association).
• If CryBur, Inc.’s input featured largely in the development of your budget, I.C.’s close ties to the corporation could adversely impact the decision makers’ acceptance of the budget. CryBur Inc.’s proposal of $8,000 per cryonic burial may need to be adjusted: increase to $10,000 per burial if CryBur, Inc. has to defend itself in a public forum against the accusations, or decrease to $5,000 per burial if CryBur, Inc. wants to appease the decision makers and mitigate the damage to its reputation by reducing the cost of running the program.
• If CRYOut!’s input featured largely in your budget, you may need to reconsider any controversial revenue elements that they promoted such as taxation, defunding of other programs, and entitlement status.
• If I.C.’s accusations are indeed true and there are other commissioners with conflicts of interest, those accusations could affect your budget, specifically in the salaries and benefits area. The salaries and benefits figure could go up if more personnel are required to replace the existing commissioners. Conversely, salaries and benefits could decrease if an independent firm is brought in to craft a new budget. There are a total of 5 commissioners, including I.C., and each commissioner’s salary is $100,000 with a benefits package valued at $25,000.
• With I.C.’s resignation, CRAC no longer has an executive director. Without leadership, the decision makers may believe your budget cannot be implemented.
• Because I.C.’s resignation obtained wide notoriety and was likely ill-received by the public, decision makers, in an effort to calm public outrage, may not want to pursue controversial funding sources such as increased or new taxes.
• Considering that CryBur, Inc. is tangentially implicated in I.C.’s conflict of interest, decision makers may be concerned regarding potential problems from the other two organizations. Alternatively, the decision makers may want to more fully embrace the inputs of CRYOut! and CryERS as a way of distancing themselves from any CryBur, Inc. scandal.
• Consider the above, and any other impacts you may have discerned on your own, and what, if any, impact they may have on your budget.

Make sure to address the overall strategies for maintaining a structurally balanced budget which include:

• Expense control
• Resource management
• Taxation
• Service delivery
• Revenue generation
• Debt Management

 

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• Writing should be well ordered, logical, and unified, as well as original and insightful
• Your work should display superior content, organization, style, and mechanics
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• Include a title page with full name, class name, section number, and date
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• Use examples to support your discussion
• Cite all sources on a separate reference page at the end of your paper and cite within the body of your paper using APA format and citation style. For more information on APA guidelines, visit Academic Tools.

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