Books for Bright Futures, a non-profit organization dedicated to providing free textbooks to underprivileged college students, has been a beacon of hope for countless students struggling with financial burdens. Under the leadership of its long-serving president, the organization thrived and helped get critical resources to those in need.
The group’s president resigned last year, and a new president was brought in. The new president seemed committed to the cause, but one of the members noticed an alarming trend. Within six months, the fund’s cash balance was dropping far below what it was spending. This had never happened before.
Concerned about the organization’s financial health, the member conducted a thorough examination of the financial records. What emerged was alarming. The new president had been regularly withdrawing funds from the account and spending the money for clearly personal purposes. This betrayal not only threatened the organization’s financial stability, it also undermined the trust it had established with its donors and beneficiaries, and with the community.
The member reported their findings to local authorities, and a law enforcement investigation began.
In response to this event, the organization put in place basic but strong oversight of its finances, making sure that multiple people had an eye on the group’s transactions and would periodically review its finances.
By ensuring transparency and setting up robust internal controls, organizations can protect their resources and continue to serve their communities with integrity and trust.
If you have a question about the law or a complaint in the City of Alameda, contact us at 510-747-4775, or email [email protected]. The Alameda City Attorney’s Prosecution and Public Rights Unit enforces the law and educates the public on issues including tenants’ rights, workers’ rights, and consumer protection.
The names and facts have been changed, but this story is similar to cases we have seen or handled.
Rico Fenix is a Paralegal-Investigator for the Alameda City Attorney’s Office. Email him at [email protected].
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