Thursday, June 05, 2003
PipeVine Shuts Down Pipeline to Charities
PipeVine Shuts Down Pipeline to Charities: Well rumors are flying all over about the demise of Pipevine, which handled over $100 million in donations for organizations including the United Way of the Bay Area and NetworkforGood, the online joint venture of AOL, Yahoo and Cisco (poor AOL can't catch a break!). With California's attorney general looking into this matter, an internal accounting report found misappropriation of funds go back as far as two years. With countless charities struggling to survive, it is estimated that PipeVine could owe anywhere from $100,000 to several million dollars. What has fueled this speculation is the rapid demise that led to shutdown of operations on June 2 and the layoff of its 55 employees. According to the several reports, problems did not surface until March of this year, and within a span of weeks the operation closed its doors.