Exponent II Misappropriation of Funds Announcement
Dear Exponent II Community,
We want to make you aware of an unfolding situation. During a recent financial audit by the Board, we discovered that our treasurer has, over the course of several years, misappropriated Exponent II funds for personal use. She misled the board by circulating monthly budget reports that did not accurately reflect Exponent II expenses or bank account balances. The financial loss to our organization appears to be very significant. Because Exponent II is a small, volunteer-led organization that relies on mutual trust and operates on a tight budget, this is a serious financial blow.
The person involved has been removed from all positions within the Exponent II organization, both official and unofficial. She has admitted full culpability and expressed a commitment to restitution.
We have immediately and deliberately taken steps to protect our organization. We are working with legal and accounting professionals to determine the extent of the loss and the proper steps forward, including additional safeguards within our governing structure to ensure that something like this cannot happen again.
We are heartsick about the implications of this situation, not the least of which is that our stewardship over your funds has been compromised. But we are committed to moving forward with our mission. We are confident that the Exponent II organization we love will emerge stronger and more stable than before. Thank you for all of your support.
The Exponent II Board and Emeritus Board
Margaret Olsen Hemming
Emily Clyde Curtis
Linda Hoffman Kimball
Aimee Evans Hickman
April Young Bennett