AN INVESTIGATION into the $36.6 million collapse of Acacia College has discovered that not one board or committee took “responsibility” for the overall development.
The Uniting Church, which owned the school, will have a fire sale of assets to raise $53.9 million to cover the Acacia debt, as well as $7.32 million to top up its cash reserves and $10 million for its “liquidity pool”, according to the church website.
The assets have to be sold in the next 18 months to cover loan debts, the website said.
A report released to church members this month found that the Mernda school, which was open for only three years before it closed last year, had needed “far greater … accountability”.
Investigator Nicholas Martin of PPB Advisory said in the report released on the church website that “decisions were well-intentioned to see the project through but without focus on the money used to do it.
Ultimately, there wasn’t one single board or committee that took overall responsibility of the project.
Consensus decision-making works but after having made a decision, someone needs to take responsibility for the project.
A project has to be sustainable.
There needs to be a far greater level of vigour and accountability”.
A comment made on the church website said the situation was “absolutely disgraceful”.
“All the promises were never fulfilled and local churches have to live with the legacy,” it said.
“[The school] employed staff too early and [was] running a high-fee school on a low-fee budget; buying iPads on the first day [of] release.
We need full disclosure …’’ The church’s recent synod meeting over four days decided it would have to sell assets in Victoria and Tasmania.
Church spokesman Michael Docherty confirmed the information and said the synod also decided to develop a financial strategy to be tabled at the next synod meeting.
