Investigation Completed, Full Recovery Anticipated
January 19, 2011
Christian Women Connection has completed our investigation into the apparent fraudulent activities that were identified as a result of our 2009 audit. The report of investigation has been submitted and accepted by Indiana Insurance, our insurance company. They have also indicated that we can anticipate full recovery of our losses from the fraudulent activities.
The alleged fraudulent activities became evident following a proactive step by the leadership of CWC. In February 2010, we decided to change accounting firms because we felt the need for a more thorough examination of our practices and procedures than what we were receiving from the firm used previously. We selected Whitinger and Company, certified public accountants, to conduct the annual audit of the financial statements and internal processing procedures for the fiscal year 2009–2010. The irregularities found during the audit ultimately caused us to conduct further investigation into the records for years 2004-2010.
Our investigation revealed that nearly $50,000 was taken over a six-year period, with the amount of money taken increasing each year. It was also determined that only one person was involved in the alleged fraudulent activity. Now that our internal investigation is completed and the scope of loss is fully known, we will turn this matter over to the Madison County (IN) Prosecutor’s Office.
Throughout this ordeal, CWC has striven to maintain transparency and to keep the church informed of our actions. We are committed to being the best possible stewards of the generous gifts we receive. While this incident may have caused some concern, please be assured that you have my personal commitment to the highest standards of financial accountability.
I would also like to express my great appreciation to the church for the loving and prayerful support our leadership has received during this difficult time. Your supporting prayers have helped us to remain focused on our primary mission of equipping and ministering to women, while serving our Lord.
In his presence
Executive Director
Christian Women Connection