2016-02-05T09:32:45-06:00 2015-06-30 420794029 DENMAN & COMPANY LLP 1601 22ND STREET SUITE 400 WEST DES MOINES IA 502661453 990 2014-07-01 426055006 AMES CHI OMEGA ALUMNAE ASSOCIATION AMES 5159547780 227 GRAY AVENUE AMES IA 50014 ERIKA WEBER PRESIDENT 5159547780 2016-02-04 1 BREANNE KRUGER P01254752 5152258400 2014 2016-04-25 22:37:26Z ERIKA WEBER 227 GRAY AVENUE AMES IA 50014 1042778 0 X N/A X 1929 IA TO OPERATE AND MAINTAIN A SUITABLE HOME FOR THE SORORITY MEMBERS ATTENDING IOWA STATE UNIVERSITY IN AMES, IA. 4 4 16 0 0 0 0 0 490936 542749 8 29 0 500000 490944 1042778 0 0 0 0 68357 58901 0 0 0 433544 450051 501901 508952 -10957 533826 997442 1421604 361551 251887 635891 1169717 TO OPERATE AND MAINTAIN A SUITABLE HOME FOR THE SORORITY MEMBERS ATTENDING IOWA STATE UNIVERSITY IN AMES, IA. 0 0 TO OPERATE AND MAINTAIN A SUITABLE HOME FOR THE SORORITY MEMBERS ATTENDING IOWA STATE UNIVERSITY IN AMES, IA, AS WELL AS PROVIDING HIGH QUALITY MEALS TO THE MEMBERS OF THE SORORITY. 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 16 1 0 0 0 0 0 0 0 0 X 4 4 0 0 0 1 0 0 0 1 1 0 0 1 0 0 0 0 0 0 X THE ORGANIZATION 5159547780 227 GRAY AVENUE AMES IA 50014 X ERIKA WEBER PRESIDENT 5.00 X X 0 0 0 KATIE HANSEN SECRETARY 5.00 X X 0 0 0 JESSICA HENRY DIRECTOR 5.00 X 0 0 0 JULIE BAUTISTA DIRECTOR 5.00 X 0 0 0 0 0 0 0 0 0 0 0 MEMBERSHIP DUES & ASSE 900099 542749 542749 542749 29 29 INSURANCE CLAIM PROCEE 900099 500000 500000 500000 1042778 1042749 0 29 47777 6945 4179 5926 10434 11106 7525 1164 14909 98474 8383 FOOD AND KITCHEN SUPPLI 144953 REPAIRS AND MAINTENANCE 78819 UTILITIES 28236 PROPERTY TAX 15098 25024 508952 58548 12854 370410 2365939 1327599 938894 1038340 997442 1421604 1765 1074 359786 250813 361551 251887 X 635891 1169717 635891 1169717 997442 1421604 533826 0 X 0 0 0 80000 80000 2258250 1301522 956728 7429 7429 0 20260 18648 1612 1038340 FORM 990, PART VI, SECTION A, LINE 5 AT THE BEGINNING OF THE 2014 TAX YEAR, ERIKA WEBER, CURRENT BOARD PRESIDENT JOINED THE BOARD OF DIRECTORS. UPON JOINING THE BOARD, ERIKA BECAME AWARE THAT THE PREVIOUS BOARD OF DIRECTORS WAS NOT PROVIDING ADEQUATE OVERSIGHT OVER THE CHAPTER'S FINANCIAL RECORDING AND REPORTING FUNCTIONS (WHICH AT THAT TIME WAS THE RESPONSIBILITY OF THE BOARD TREASURER). WITH THIS BOARD MEMBER TRANSITION, THE BOARD OF DIRECTORS BEGAN ACTIVELY PROVIDING OVERSIGHT TO THE FINANCIAL RECORDING AND REPORTING OF THE ORGANIZATION AND LOOKING INTO HISTORICAL TRANASACTIONS TO VERIFY PROPRIETY. DURING THIS PROCESS, IT WAS DISCOVERED BY THE CURRENT BOARD OF DIRECTORS THAT THE PREVIOUS BOARD TREASURER HAD DIVERTED A SIGNIFICANT AMOUNT OF CASH FROM THE ORGANIZATION OVER A PERIOD OF SEVERAL YEARS. UPON REALIZATION OF THE THEFT, THE BOARD OF DIRECTORS ENGAGED A CPA FIRM TO PERFORM AN AGREED UPON PROCEDURES ENGAGEMENT TO REVIEW SEVEN YEARS WORTH OF FINANCIAL HISTORY, TO ASSIST IN PREPARING A FIDELITY BOND INSURANCE CLAIM TO REPORT THE LOSS. AS A RESULT OF THE PROCEDURES PERFORMED UNDER THE ENGAGEMENT, THE POTENTIAL THEFT LOSS INCURRED FROM MARCH 1, 2007 THROUGH AUGUST 31, 2014 WAS DETERMINED TO BE $954,411; THE AGREED UPON PROCEDURES REPORT WAS SUBMITTED WITH A FIDELITY BOND INSURANCE CLAIM TO THE ORGANIZATION'S INSURANCE COMPANY (FEDERAL INSURANCE COMPANY), AS WELL AS THE FBI. AS A RESULT OF FEDERAL INSURANCE COMPANY'S REVIEW OF THE SUBMITTED CLAIM, THE ORGANIZATION WAS AWARDED $500,000 OF PROCEEDS (THE FULL AMOUNT OF FIDELITY BOND COVERAGE UNDER THE ORGANIZATION'S POLICY). THE $500,000 OF PROCEEDS WAS COLLECTED BY THE ORGANIZATION (REFLECTED IN MISCELLANEOUS INCOME IN PART VIII OF FORM 990) AND IS BEING EXPENDED AS DIRECTED BY THE ORGANIZATION'S CURRENT BOARD OF DIRECTORS TOWARDS CRITICAL BUILDING REPAIRS AND NECESSARY CAPITAL IMPROVEMENTS TO THE AMES CHI OMEGA ALUMNAE ASSOCIATION CHAPTER HOUSE. AS OF JUNE 30, 2015, THE PRIOR BOARD TREASURER RESPONSIBLE FOR THE THEFT WAS UNDER INVESTIGATION BY THE FBI AND THE PROCEEDINGS RELATED TO THE ASSOCIATED CHARGES AGAINST HER HAD NOT BEEN FINALIZED. FORM 990, PART VI, SECTION B, LINE 11 PRIOR TO FILING FORM 990, A COPY IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.