Condia Insider: Mastercard Giveth, 54 Collective…?
- 54 Collective is facing liquidation after allegedly misusing over $42 million from a Mastercard Foundation grant.
- The group rerouted $4.59 million to its for-profit counterpart Founders Factory Africa without permission.
- Mastercard terminated the grant agreement after discovering numerous adjusting journal entries and lack of audited financial statements.
The financial mismanagement at 54 Collective raises serious questions about accountability and governance in nonprofit organizations. Furthermore, the lawsuit against M-KOPA highlights the critical need for equitable practices in corporate structures, especially in diverse markets. These issues reflect broader systemic challenges that require urgent attention from stakeholders.
