NewsLocal News


Gatesway Foundation issues statement on financial status

Foundation issues statement on financial status
Posted at 4:17 PM, Jun 07, 2018
and last updated 2018-06-08 05:05:22-04

The Gatesway Foundation released a statement Thursday about the financial status of their foundation.

In May, Gatesway president said the foundation was selling off assets due to the fact they were struggling financially. 

On Thursday, Gatesway said those reports were "simply inaccurate and not reflective of the transformation efforts underway by the current Board of Trustees and staff."

"The Gatesway Board of Directors stands behind the decisions and actions taken by Greg Arend on behalf of and with the full approval of the Board of Trustees," the statement read. "The transition plan developed by Mr. Arend has resulted in a 50 percent reduction in deficit spending in one fiscal year. This equated to approximately $1.5 million."

Gatesway is one of Oklahoma's largest non-profit organizations that helps disabled adults.

"Gatesway is held accountable for all actions related to its finances and the well-being of our clientele by our own high standards and appropriate State of Oklahoma regulatory agencies," the statement read. "Gatesway will continue to ensure the mission and vision of Helen Gates are upheld while evaluating revenue raising and cost reducing strategies to provide services to our clients in the best and most sustainable environment possible."

Stay in touch with us anytime, anywhere.

Download our free app for Apple and Android and Kindle devices.

Sign up for newsletters emailed to your inbox. Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.

Follow us on Twitter

Like us on Facebook