İLKSAN Association, which is frequently on the agenda in financial matters, is now on the agenda with the loss that is tried to be covered up. The association, which tries to generate income from the pensions received by making compulsory deductions from the pensions of the teachers who are its members, continues to make a loss with the investments it has made. Eğitim-Bir-Sen Union stated that although the fund declared that profit was made on paper, the institution was constantly making losses.
“IT IS TRIED TO BE SHOWN PROFITABLE ON PAPER”
Ramazan Çakırcı, Deputy Chairman of Eğitim-Bir-Sen Union, pointed out that while the association is making losses every year due to the inefficient use of revenue by the association management, the balance sheet data is stated under less headings in contrast to the previous years in the 2021 annual report, and it is stated that the institution is in profit in the report shared with the public, said, “Incorrect and misleading information has been given that İLKSAN Association is in profit by ignoring market data and economic indicators. The Association, which closed the year 2021 with a loss, It was tried to be shown as profitable on paper with forced accounting games.”
ASSOCIATION IS DROPPED TO BANKRUPTCY
Pointing out that the announced data and reality are inconsistent, Çakırcı stated that the amount of increase in assets, in particular, was far below the official figures, and added, “Any nominal increase below the annual Consumer Price Index (CPI) rate is not a profit, but a loss. 2 billion 178 million Turkish Liras (TL) in December 2020 should be 2 billion 964 million TL in December 2021. In other words, İLKSAN did not grow by 368 million TL in 2021 according to the data shown in the annual report, on the contrary, it made a net loss of 417 million TL. In order for İLKSAN not to stand still, that is, to protect its current assets, it has to increase its assets at least by CPI. Otherwise, fixed assets in TL will succumb to inflation, melt down and the Association will go bankrupt.”
MANAGERS ARE IN INTEREST TRAP
Çakırcı pointed out that the highest share in the revenues of the associaton comes from interest. Emphasizing that the loss of the association will double with this course, he said, “The rate of interest-based income among all the income of the association is 97 percent, while the rate of non-interest rent and other incomes is 3 percent. The management of the association fell into the trap of the convenience of earning interest income and preferred to stay away from income sources other than interest. It is no coincidence that the institution closed the year 2021 with a loss of 417 million TL. In an environment where the April 2022 CPI rate rises to 69,97 percent annually, İLKSAN's loss will double in 2022 if no measures are taken.”