Friday, June 18, 2014. AARON HUMES Reporting: There has appeared a sudden rift between members of the Ariel Rosado Memorial Education Foundation, formed to honor the life and legacy of cyclist and attorney Ariel Rosado.
Ariel’s parents, Drs. Alvaro and Dorla Rosado, are embroiled in something of a legal feud with Bruce Sanchez Sr., and his son, Bruce Jr, who are executive members of the Foundation but disagree with how Dr. Alvaro Rosado is handling its finances.
They have accused the Rosados of corrupting the Foundation by establishing a separate Fund from which some $13,000 has been siphoned in the name of the Rosados.
Today, they issued a point-by-point response in the name of the Board of Directors of the Foundation.
The Board said it “categorically denies” any abuse of the Foundation’s funds, and said that the Sanchezes came aboard with the Foundation when they introduced the annual memorial bike ride in his memory; the Foundation itself was conceived by family and friends of Ariel, not including the Sanchezes.
Articles of Association and registration of the Federation were started in December of 2012 by attorney Dean Molina, but according to the Foundation it has been stalled because the Sanchezes withdrew and refused to sign on.
All cheques and payments made by the Foundation were approved by the Board, even when Bruce Sanchez Sr personally disapproved and refused to sign.
The cheques made out to Dr. Rosado, approved by the Board, were either to replenish the petty cash account or reimburse Dr. Rosado for using his personal funds to pay Foundation expenses only after Bruce Sanchez refused to sign Board-approved cheques.
The release goes on to state that all expenditures were properly documented, including personally written receipts for expenses from small vendors and suppliers.
The majority of cheques referred to by the Sanchezes were paid to schools or bookstores covering expenses under the scholarships.
After the Scotiabank account was frozen the Board instructed the president to open a new account with personal funds provided by the Rosados, naming them as signatories, and no problems have been located to date.
The court ruling made no orders on the Fund account which is being used and the Board of the Foundation maintains that the Foundation’s finances are managed in a transparent and accountable manner.
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