From The Blog

Corrections to financial statements

Dear members,

KICA’s staff recently discovered reconciliation and reporting errors in the KICA monthly financial statements. Consequently, the January to June 2021 financials were removed from KICA’s website. The errors involved incorrect allocations, presentation flaws and transfers within our various fund accounts. There is no indication of fraud or misappropriation.

KICA’s Director of Finance recently left KICA employment, and we have asked former Director of Finance, Jane Ovenden, to step back into the role on an interim basis. Under Jane’s guidance, the January to June financials are being adjusted and will be reposted to the website by the end of the week. KICA staff is now working through the July 2021 financial close. KICA is beginning a search for a new director of Finance.

Earlier this week, KICA’s board chair, treasurer, and members of staff participated in a call with KICA’s auditing team, Keefe-McCullough. We agreed that it would be in the best interest of the community to accelerate some aspects of the 2021 audit. Our auditors will be on-site in the next several weeks to evaluate KICA’s year-to-date activity. When their interim fieldwork is complete, the firm will issue a letter of assurance to the community. While we trust that the steps currently being taken by staff are correct, we believe this additional step with an outside party will help assure the membership that KICA is responsibly managing this situation and that the association’s assets are being carefully stewarded.

Thank you,

Dave Morley
Chair
KICA Board of Directors

Alex Fernandez
Treasurer
KICA Board of Directors