Scott Moore wrote:
What did the "Copy of letter attached" say?
Here's the text of the letter from Michael S. Wilson, CPA,
Minneapolis. It's undated, addressed to the LNA board.
Dear Board members:
This letter is in response to written comments expressed by your
board member, Wendy Introwitz Pareene. Ms. Pareene suggested an
estimated $80,000 is missing from LNA accounts and cannot be
accounted for. I would like to present my audit findings from the
fiscal year 2002 audit to the board of directors to clarify this
issues. Please contact me at 827-6426 to schedule a time for this
meeting.
While the Lyndale Neighborhood Association (LNA) suffered a financial
loss, it is not accurate to describe the loss as "misappropriated,
perhaps illegally." The audit adjustment was a write-off of an (sic)
$80,000 in accounts receivable. The Lyndale Neighborhood Association
requested $80,000 of funding from the Minneapolis Neighborhood
Revitalization Program (NRP) chose not to reimburse the request. The
LNA was engaged in activities that a major funding source, the
Minneapolis NRP, chose not to fund. While these activities appeared
to be consistent with the LNAs overall mission, they were not
consistent with the NRP's contracts. Overall, the issues regarding
this non-reimbursement of expenses are related to the quality of the
accounting system, and program compliance with funding source
requirements.
I have audited the annual financial statements of the Lyndale
Neighborhood Association for the prior three years. The Minneapolis
Neighborhood Revitalization Program has engaged me to perform these
audits. I am independent of the board of directors and the management
of the Lyndale Neighborhood Association.
Sincerely,
Michael S. Wilson, CPA
Forwarded by David Brauer, list manager
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