August 7, 2015
To: Seminole Booster Members
From: Seminole Booster Board
RE: Boosters reach closure in employee theft
On October 1, 2014, the Seminole Boosters reported to you that a trusted, longtime Seminole Booster employee had taken $870,000 from a single Seminole Boosters brokerage account. The employee’s service was immediately terminated, he confessed, and was charged with embezzlement. In our notification, we promised to report any news to you as we received it.
On behalf of the Seminole Boosters, Officers and Directors, we are pleased to report that our insurance claim was approved and we now are fully reimbursed for the theft.
The Rehmann Robson Firm, a nationally recognized third party, independent accounting firm with no ties to FSU or the Boosters was hired to conduct an analysis of the precise amount and nature of the theft and conducted a thorough review of our entire system of internal controls and make suggestions for improvements.
Those recommendations included revising policies and procedures, better integration of accounting technology in the monthly closing process, and improved reporting to provide greater operational oversight for management and the Board of Directors.
The Boosters have also improved the organizational structure including the creation of an Audit Committee separate and apart from the Budget and Finance Committee. The members of the Audit Committee include seven financial and insurance industry professionals with a broad range of expertise. The chair of the Audit Committee is Bob Davis, CPA and former partner of McDirmit, Davis & Company, LLC. The vice-chair is Richard Hamlin, a retired audit partner of KPMG.
We were all shaken by the theft, but our board is confident that Seminole Boosters is stronger now as a result of the steps we took in reaction to this troubling discovery. We fully recognize that our most important asset is the trust of you, our donors. We appreciate your understanding, support, and patient faith during the period of time it took to do what needed to be done to reach closure.
We have remained focused and committed to our mission to support Seminole Athletics and wish to thank you for your continued support and steadfast loyalty to FSU during this challenge. Thank you for all you do for Florida State University Athletics and Seminole Boosters. You make the difference for our student-athletes, coaches, and the Boosters.
Sincerely,
David Rancourt, Chairman of the Board of Directors
Mike Harrell, Immediate Past Chairman of the Board of Directors
Andy Miller, President
To: Seminole Booster Members
From: Seminole Booster Board
RE: Boosters reach closure in employee theft
On October 1, 2014, the Seminole Boosters reported to you that a trusted, longtime Seminole Booster employee had taken $870,000 from a single Seminole Boosters brokerage account. The employee’s service was immediately terminated, he confessed, and was charged with embezzlement. In our notification, we promised to report any news to you as we received it.
On behalf of the Seminole Boosters, Officers and Directors, we are pleased to report that our insurance claim was approved and we now are fully reimbursed for the theft.
The Rehmann Robson Firm, a nationally recognized third party, independent accounting firm with no ties to FSU or the Boosters was hired to conduct an analysis of the precise amount and nature of the theft and conducted a thorough review of our entire system of internal controls and make suggestions for improvements.
Those recommendations included revising policies and procedures, better integration of accounting technology in the monthly closing process, and improved reporting to provide greater operational oversight for management and the Board of Directors.
The Boosters have also improved the organizational structure including the creation of an Audit Committee separate and apart from the Budget and Finance Committee. The members of the Audit Committee include seven financial and insurance industry professionals with a broad range of expertise. The chair of the Audit Committee is Bob Davis, CPA and former partner of McDirmit, Davis & Company, LLC. The vice-chair is Richard Hamlin, a retired audit partner of KPMG.
We were all shaken by the theft, but our board is confident that Seminole Boosters is stronger now as a result of the steps we took in reaction to this troubling discovery. We fully recognize that our most important asset is the trust of you, our donors. We appreciate your understanding, support, and patient faith during the period of time it took to do what needed to be done to reach closure.
We have remained focused and committed to our mission to support Seminole Athletics and wish to thank you for your continued support and steadfast loyalty to FSU during this challenge. Thank you for all you do for Florida State University Athletics and Seminole Boosters. You make the difference for our student-athletes, coaches, and the Boosters.
Sincerely,
David Rancourt, Chairman of the Board of Directors
Mike Harrell, Immediate Past Chairman of the Board of Directors
Andy Miller, President
