Arts Update: BAM Embezzlement
posted by June 6 at 9:30 AMon
The police and the insurance company are now involved in investigating the embezzlement of $200,000 from the Bellevue Arts Museum that the museum has said was committed by its chief financial officer.
From a new letter BAM sent its supporters:
First, we filed a notice of claim with our insurer. Second, we made a referral to the Bellevue Police Department. We intend to work with both the insurer and the authorities to ensure that the Museum’s interests are protected and that any losses are recovered. In addition, the Museum is taking steps to tighten its financial controls. We have already adopted a number of controls designed to prevent similar misconduct. The forensic accountant, our independent auditing firm and our financial committee are reviewing and approving an updated and improved accounting procedures manual, as well as considering other measures.