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Clients flee advisory firm: several not-for-profit customers of WorkPoint say they cut ties over financial discrepancies.

Publication: Indianapolis Business Journal
Publication Date: 27-JUL-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Clients flee advisory firm: several not-for-profit customers of WorkPoint say they cut ties over financial discrepancies.(Association for Corporate Renewal)(Central Indiana Community Foundation)

Article Excerpt
An Indianapolis firm entrusted to handle finances for not-for-profits has lost several clients in the past 12 months, and all for the same reason--missing money.

WorkPoint Advisors owes thousands of dollars to at least three ex-clients, according to the clients. A former employee and a consultant who worked with the firm corroborate their accounts.

None of the ex-clients has sued WorkPoint, and CEO Susan L. Ellis denied she owes them money. "I don't agree with that statement," she said.

Ellis is a consultant to not-for-profits and a former executive director of the YWCA in Indianapolis. She formed WorkPoint in November 2007 as a successor company to the NonProfit Team, a similar firm she led. The company had only a few employees even before losing clients.

Despite questions about WorkPoint's management practices, the Central Indiana Community Foundation earlier this year chose Ellis to lead a high-priority effort to improve meal services to senior citizens.

CICF's Indianapolis Retirement Home Fund will pay WorkPoint $400,000 over...

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