Tags: white | house | gift | bankruptcy

White House Gift Shop Files for Bankruptcy

Image: White House Gift Shop Files for Bankruptcy

Friday, 11 Oct 2013 10:08 AM

By Lisa Furgison

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Federal buildings remain closed during the government shutdown, but it looks like the White House Gift Shop will remain closed even after lawmakers work out their differences. The gift shop is bankrupt, according to court documents filed recently.

A nonprofit organization sold White House trinkets such as Air Force One Christmas ornaments, from a brick and mortar shop at the National Press Club in Washington, D.C.,  according to The Washington Times. Located just two blocks from 1600 Pennsylvania Avenue, it billed itself as the "Official White House Gift Shop," selling commemorative items to tourists.

Editor's Note: Ordinary Man Retires at 42. His Secret to Success . . .

The proceeds from the gift shop went to the Secret Service Uniformed Division Benefit Fund, which helped Secret Service agents and their families.

Court documents list about $600,000 in liabilities in a pending bankruptcy petition, which includes about $6,000 in back taxes.

According to IRS forms compiled by CitizenAudit.org, the benefit fund lost $24,000 in 2011 with a reported revenue of $273,000. That's almost a $100,000 decrease from the $365,000 in revenue the fund reported three years prior.

The most recent financial report lists several expenses for 2011, which include $10,550 to cover golf, soccer, and hockey tournaments for employees, and another $1,100 for flowers sent to hospital rooms or funerals of Secret Service members.

According to the Times, a trustee for the fund, Wendell Webster, is now trying to sell off the remaining assets in an attempt to pay creditors. However, the list of assets, which include mouse pads, magnets, and paperweights, won't add up to much, says Webster.

The highest ticket item on the list is a Cal Ripken commemorative plaque valued at $500. About 77,000 Christmas ornaments are valued at $50,000, but Webster expects the ornaments to bring in about $5,600.

Reports about the financially strapped gift shop surfaced last year. At that time, reports indicated the shop could pay to restock the shelves, but couldn't cover employee salaries.

According to The Los Angeles Times, the Secret Service Uniformed Division Benefit Fund was created after a White House police officer was killed and two others wounded during an assassination attempt on President Harry Truman, The Los Angeles Times reports.

Editor's Note: Ordinary Man Retires at 42. His Secret to Success . . .

Related Stories:

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Gov. McAuliffe Isn't Talking, but in 2007 Said 'Shut Borders Down'

Tuesday, 22 Jul 2014 21:16 PM

I arrived at the lobby on the floor of Virginia Gov. Terry McAuliffe's office at 7:55 a.m., intent on waiting until I ha . . .

Ted Cruz on 'True Blood': Vampire Vote Belongs to Democrats

Tuesday, 22 Jul 2014 20:51 PM

Sen. Ted Cruz took to social media Tuesday with his take on an HBO "True Blood" episode depicting a bloodbath at a ficti . . .

School's Diversity Policy and Prof's Disdain for It Cause Debate

Tuesday, 22 Jul 2014 20:13 PM

A new diversity policy at the University of Wisconsin in Madison – and an economics professor's open disdain for it – ar . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved