I review nonprofit disasters because they are learning points. When a treasurer or founder absconds with a nonprofit's money we know that something is not working with the reporting systems and the board which didn't miss the money at the time. When a board and exec just don't get along we know there's problems with accountability and responsibility at the very least.
Today I noted a little blurb in the Wall Street Journal that referred to the National Arts Club re-opening and all the troubles it's seen. High drama just begins to describe the situation. To get a flavor, check-out this insider blog.
My takeaway: this is a place where no insider should be in charge -- a place where acquisition by another nonprofit makes more sense than any other action. Really, where are the regulators when you need them?