An audit completed by Erie County Comptroller Kevin Hardwick is raising questions about a loan made by the AKG Art Museum.
The audit claims the museum fronted $335,000 as a short-term bridge loan to assist their executive director with a home purchase in North Buffalo. In 2014, that loan was then converted into a 30-year mortgage with a small 0.18% interest rate.
Hardwick’s office notes law restricts the ability of nonprofits to make loans to its directors or officers. Those notes go onto say any documentation about compliance with that law was outside the scope of the audit…