The CBB’s 2010 Annual Report (available on the internet at the Beef Board web site), like all of its annual reports, includes a statement from independent auditors who’ve reviewed the books for the fiscal year. The 2010 audit report includes the fact that the CBB granted a cool $2 million in a cash advance to its primary contractor, NCBA, so the group would have enough money to pay for costs prior to billing for the actual program costs.
Here’s the auditor’s note: “On August 28, 2009, the CBB advanced $2 million to its primary contractor, NCBA. This advance was made to ensure the contractor had the funds necessary to pay checkoff program expenses prior to billing for costs incurred. Advance payments are available to all contractors but no others requested an advance in 2009 or 2010.