Attorney General's News Release

April 22, 1997

Nixon seeks full accounting of Joplin charitable foundation after required reports are not filed with his office

Jefferson City, Mo. — Attorney General Jay Nixon has asked the Jasper County Circuit Court to order the trustees of a Joplin charitable foundation to provide a complete accounting of the foundation's activity to his office for 1995 and 1996 and to cease any disbursal of foundation assets until the accounting has been completed and reviewed.

Nixon took the action against the Chase Foundation and its trustees after they failed to file various reports, forms and statements with his office and with trust beneficiaries, as required by state law. The Chase Foundation was incorporated in February 1995 for the distribution of funds for charitable, educational and scientific purposes. Trustees named as defendants in the suit are Jill D. Fields, Susan D. McDonald, David L. Taylor and Paul G. Taylor.

"The management of a charitable foundation carries with it a serious fiduciary responsibility to the community," Nixon said. "The trustees of the Chase Foundation have fallen far short in their responsibilities to account for the trust's activities. As the steward of the state's charitable foundations, I have asked the court to order this accounting be provided right away."

The suit asks the court to order the trustees to provide within 30 days:

• An accounting for all activities for the years 1995 and 1996, including supporting documents such as ledgers, canceled checks, bank statements, credit card receipts and bank statements;
• All state and federal tax filings for the foundation for 1995 and 1996;
• A complete inventory of all real and personal property owned by the foundation;
• Records of compensation of all trustees and employees of the foundation;
• All minutes of foundation meetings and all resolutions, bylaws and decrees of the foundation.

Nixon also wants the court to stop any disbursal of assets or income of the foundation, any use of foundation credit cards, any destruction of foundation records or any appointment of additional trustees until the accounting is completed and reviewed.

Inquiries from consumers should be directed to consumer@ago.mo.gov or 1-800-392-8222 (from within Missouri) or 573-751-3321 (outside Missouri).

All media inquiries should be directed to Press Secretary John Fougere.

E-mail      Phone: 573-751-8844         Fax: 573-751-5818