NETO to be responsible for over $800,000 in liabilities, moves to new facility
During a recent special meeting the 2014 financial auditor for Northeast Texas Opportunities, Inc. of the board of directors stated the organization would be responsible for raising $818,000 to overcome liabilities.
With three grants going away NETO will need to find major donors (with unrestricted funds) to pay the hefty sum back. The report indicated four problems and six items in the audit. NETO currently has just under $95,000 in liquid assets and is still involved in pending law suits. The organization is currently training new personnel, outsourcing payroll and hired a new financial manager.
Despite the efforts Franklin County Commissioners Court – NETO has located a new facility to operate from in Mount Vernon. They have also been requested by Hopkins County to vacate office space in the building on Texas Street upon the termination of their lease.
Delta, Franklin and Hopkins Counties have all severed ties with the organization. Ark-Tex Council of Government took steps last June to take over the transportation aspect of NETO. Franklin County Judge Scott Lee was in agreement with Hopkins County Judge Robert Newsom in the actions taken were to protect their prospective citizens.
In a recent meeting Franklin County Commissioners also separated with the removal of the organization’s name from the list of approved entities to which jurors may donate their salaries. According to reports NETO, a nonprofit organization, has received just over $114 from jury panelists.