TD Bank Is Suing Mary J Blige's Charity For 250K
By Mack Rawden 2012-05-27 19:05:11
Last summer, the Mary J Blige and Steve Stoute Foundation found itself in some financial trouble. To try and right the ship, organizers reportedly got a two hundred and fifty thousand dollar short-term loan from TD Bank. Payment was due in full by this past December, but unfortunately, less than four hundred bucks was paid back in time. Not surprisingly, the bank is beyond pissed and wants its money immediately.
According to TMZ, TD Bank demanded payment on two separate occasions earlier this year, but the charity supposedly didnít even bother responding. With no other recourse, the company filed a lawsuit earlier this month which outlined blow-by-blow exactly what happened. The Blige Foundation has yet to respond to the allegations, but one would imagine TD Bank wouldnít simply make up this debt and try to slide it by in court.
The singerís charity operates off a mission of helping women reach their full potentials. Sadly, in recent years, the organization has dealt with its share of problems. Some of the musicians who played a recent gala reportedly didnít get paid, and thereís some questions as to whether its taxes are in order.
Blige clearly started the foundation was nothing but positive intentions, but thereís a lot more to running a major charity organization than simply helping people. All of the good non-for-profits treat their finances like a for-profit business in terms of meticulously tracking every cent. A rep for the foundation reportedly said management is currently being restructured, and given all these problems, that sounds like a great idea.