Friends of the Algur Meadows Museum

“Description: interest income. Amount: 3.”

“Description: other income. Amount: 100.”

“Description: art exhibit & reception. Amount: 16,453. Description: travel. Amount: 275. Description: office expenses. Amount: 434. Description: miscellaneous. Amount: 690. Description: security. Amount: 300. Total to form 990-ez, line 16: 18,152.”

“Description: misappropriated assets. Amount: -3,182.”

“In december of 2015, a diversion of assets was identified by a member of the friends of the museum's executive committee. After an internal investigation, the friends hired heard, mcelroy and vestal, llc to conduct agreed upon procedures related to an alleged misappropriation of funds. The part time employee was immediately relieved from her duties and was offered the opportunity to make restitution back to the friends of the museum. The total funds recovered equaled $30,000. The friends have taken actions to prevent, detect, and deter something of this nature from occurring in the future. First the board appointed a cpa to their executive committee as an assistant treasurer, and appointed a new treasurer to the executive committee with financial expertise. In addition, the executive committee has now taken over the day to day operations in regards to financial recording. Moreover, to ensure proper segregation of duties the friends have changed financial institutions, so that they can utilize a new invoice approval process with electronic dual signatures. The election to establish new procedures and implement stronger internal controls supports that the friends are acting in a prudent manner in regards to their fiduciary responsibilities.”