2010 is the 73rd birthday for the All-American Soap Box Derby. And, if I translate an article I just read, the Derby may indeed have reached its own finish line.
According to the San Francisco Chronicle, "The nonprofit derby has gone two years without a corporate sponsor, and an Ohio bank is suing the organization to repay a $580,000 loan." Meanwhile, Corbin Bernsen, the actor from L.A. Law, is trying to get $1 million from investors to finance a movie about the derby.
So, let's see: the Board took out a loan which it can't repay for more that 1/2 a million dollars. At the same time, it or its staff have found a movie star to do a movie which I can only guess will steer some profits toward the organization. Interesting strategy for sure. But what about this board -- is this really good governance?