SeedAmerica Foundation is registered as 501 (c) 3. It's mission was to collect donations in the form of under utilized commercial real estate from corporations and high net worth individuals. They would promise the donees that they would redevelope the properties thereby creating new businesses and job for the local communities. The donees would receive a tax deduction for the fair market value of the property donated as described in IRS Circular 561.
The corporate management described itself as Christian organization whose purpose was to create an endowment that would start and operate a worldwide Christain MBA school named The Spire School of Business.
SeedAmerica began "operations" in Ashland, OH in 2005 under the name of "The Business Reform Foundation." In 2007 the company changed its name to SeedAmerica Foundation and relocated most of it personnel to Alpharetta GA. Per corporate statements, SeedAmerica had managed to aquire the deeds to nearly $50,000, 000 in donated commercial real estate by December 31. Sales personnel claim an additional $30,000, 000 was in pending donations at the time the company closed it's doors on July 31.
Corporate records indicate that SeedAmerica borrowed nearly $12,000, 000 on properties that produced little to no rental income. The company is now in receivership with BB&T.
In June the management told it's employees that it was unable to meet payroll on time, but that they would be paid soon. This senario went on for two more months as fewer and fewer employees remained. The company employeed between 50 and 60 individuals and contractors.
As of November 14 none of the employees have yet to receive any of the promised two months in back pay.in September the company initially offered its former employees the option of filing a first lien on one of it unemcumbered properties. As it turned out, the company allowed it's employees and vendors to file a 4th position lien on its property in Massachusetts. The amount of the lien is over $900,000.
The excutives of the company have 14 of the mortgaged properties for sale or lease on the open real estate market. The listings clearly indicate that the list price in significantly lower than the appraised value which is detailed in the listing. It would appear that company also intends to renig on its promise to the donees that it would not sell the buildings for less than the donated value which is the appraised value, so as no to cause a reduction to the donee's tax deduction.
The executives and upper management of the company are as follows:
Joseph D. Johnson, CEO (aged mid 30s) son of a Brazillian missionary. Joseph admitted to being an an ex-convict for check kiting in another business. Joseph also considers himself a philosher and an entrepreneur.
Christopher Zimmerman, President, owner of CASC which received over $500,000 from SeedAmerica in 2007 per the reported 990. Christopher has since started a company called www.retakeyourcity.com which proports to receive similiar commercial real estate donations. Christopher claims to be recently born again as the result of being around Joseph Johnson and SeedAmerica.
Micheal Q. Pink, Endowment Director, author and seminar speaker. Famous in charimatic circles for writing "Selling Amoung Wolves" and as a featured columnist on the Business Reform website.
Jerry Corbier, Vice President of Finance, real estate broker from Indianapolis. Encouraged all employees to fast on April 1-3 to encourage god to bless the SeedAmerica with prosperity. Corbier several times encouraged the employees to continue to work and trust god to provide the payroll. Was responsible for setting up corporate AMEX accounts within 6 weeks of the company's financial ruin.
Catherine Webb-Williams, Sr. Vice President. Responsible for the outside sales team. Encouraged the sales team to continue soliciting donations and creating travel expenses even when the company couls not meet payroll or come up with closing costs needed for the donations to take place.
These people claim Christianity and use it for their financial advantage. Consider this posting to be a fair warning to all who deal with SeedAmerica, www.retakeyourcity.com or any of the mentioned executives.
0 comments