Author Topic: STAS Inc. IRS Form 990 Return (Read 5377 times)

opus · « **on:** May 07, 2015, 06:07:36 PM »

STAS Inc.

(From page 22 of the PDF)

STAS [Inc.] plans to construct a seminary, church, convent and retreat house in Buckingham County, Virginia.

Soil Engineering          $116,850
Survey & Engineering     $622,776
Legal Fees           $437,935
Development Costs $529,528
Building Construction $11,944,437
... other lines not included...
==================================
Total cost          $14,812,953

saintalice · « **Reply #1 on:** May 07, 2015, 06:32:15 PM »

Interesting. 18 million in assets with a 14 million dollar project (as of 2012/2013).

I also noticed the $45,000 they spent on conferences and over $26,000 in accounting fees and a bunch in legal fees.

Who is Linda Fortin? She president of STAS, Inc.

opus · « **Reply #2 on:** May 07, 2015, 06:47:29 PM »

From SSPX France website

Quote

Plus de 300 personnes, prêtres, religieux, séminaristes et fidèles ont assité à cette très belle cérémonie au cours de laquelle les deux marraines ont fait sonner pour la première fois les cloches bénies. Mme Le Roux, maman de M. l'abbé Yves Le Roux, a fait résonner "Marie-Joseph" tandis que Mme Linda Fortin, coordinatrice du projet, faisait la même chose avec "Thomas" (Photos 5 et 6 ci-dessus).

Where is her chapel veil or hat? :barf:

saintalice · « **Reply #3 on:** May 07, 2015, 06:51:38 PM »

Oh that must be the lady Fr. Edward MacDonald was talking about. He said she was the one responsible for getting the land in Virginia but that Fr. le Roux got rid of her and brought in some French people.

Well, it's neither here nor there. Thanks for posting this.

Now if we can just get the something similar from the US District. like an independent audit report. That don't file a 990 as they are a "church."

opus · « **Reply #4 on:** May 07, 2015, 07:07:30 PM »

Done some more research, her mother Mrs. Bertha White passed away in 2006 in VA, had Funeral Mass in the Richmond VA SSPX chapel, and was interred in St. Thomas Aquinas Cemetry at the Seminary in Winona!

Linda must be someone important.

saintalice · « **Reply #5 on:** May 07, 2015, 07:12:23 PM »

So a WOMAN is President of STAS, Inc. Well what'd'ya know....

saintalice · « **Reply #6 on:** May 07, 2015, 07:20:46 PM »

Googled Linda Fortin and found this:

http://www.protoraelaw.com/wp-content/uploads/2013/06/Careful-Contract-Drafting-is-Crucial.pdf

Part of $400,000 in legal fees. No wonder they need money from the "generous faithful."

opus · « **Reply #7 on:** May 07, 2015, 07:29:16 PM »

Yes indeed, saintalice. Am I reading correctly that the Seminary Project received only $91,846 in total from year 2009 to 2013? (Page 14)

I wonder if this is all the money they raised from their campaign? :detective:

saintalice · « **Reply #8 on:** May 07, 2015, 07:39:29 PM »

Yes, you are reading it correctly. $91,000 is their total contributions since 2009, or at least that is what they are reporting.

I noticed they have over 16 million out in unsecured loans. Wow. I can't help but wonder are the "generous faithful" paying for the building of the seminary or paying down STAS Inc debts?

opus · « **Reply #9 on:** May 07, 2015, 07:50:57 PM »

May be both! :jumping2:

:detective:
So is it also correct to saying that the New Seminary land is worth 3.46 million and the building $14.8 million? (page 18)?

Why are they so rich?? Where does all the money or loan come from???

saintalice · « **Reply #10 on:** May 07, 2015, 08:12:14 PM »

The land and the building amounts are just estimates. From what I see after all their expenses including the 16 million dollar loan they have 1.5 million in assets, in 2013. But that is not cash. The cash amount is roughly $80,000.

MaterDominici · « **Reply #11 on:** May 08, 2015, 12:41:22 AM »

It's an interesting report, but you really don't get the full picture unless you see the reports from all related entities. For example, the large debt amount is possibly a loan from the SSPX to STAS in which case there wouldn't be any huge concern about their future ability to make the debt payments.

The Fortin family owned the land where the new seminary is being built.

saintalice · « **Reply #12 on:** May 08, 2015, 07:02:22 AM »

What is also interesting is that the "gifts" reported are so low. I was under the impression that the family that Max Krah was friends with and was a "trustee" of their estate gave the most money to the building of this new seminary. Perhaps it was not a gift but a loan or STAS is not reporting this "gift" on the 990. But I'm just speculating.

Also disturbing to me is the amount of legal fees. It seems the SSPX can't do anything without getting sued.

I agree with Mater, this report is but a sketch. It tells you nothing about how much money St. Thomas Aquinas Seminary in Winona has or the US District as they are all separate entities.

JPaul · « **Reply #13 on:** May 08, 2015, 07:46:00 AM »

Once Mr. Krah appeared on the scene, a lot of the finance and business dealings were made to become opaque. One can only glean these fragmentary snapshots of their dealings, but, it is almost impossible to see what the entirety of the Society's holdings, assets, debts, or general structure are.

That is only known by certain key person's in Menzingen. They are now an international corporate entity with subsidiaries and all that that entails.

I would think that their net worth is much, much higher than we can imagine.

Also, by keeping an accurate rendering of their structure inaccessible to prying eyes( the faithful), they can portray themselves in any light or mode that is expedient, such as, in dire need of money to build this or that, or to renovate this or that building which is becoming decrepit.

Stories of cramped struggling seminarians or freezing students in the winter are not unknown to many of us, in recent times.
The appeals for money increasing as the corporation has grown.

saintalice · « **Reply #14 on:** May 08, 2015, 08:18:03 AM »

Precisely J. Paul. The only way to drain this corporation is for people to wise up and stop fawning all over the SSPX priests/bishops as if they were the Savior Himself. They are not now nor will they ever be.