Unfortunately, that account shows:
You don't have negative numbers in either Accounts Payable or Accounts Receivable. More sloppy accounting - I hope. So where is the money you might ask? I don't know. The Treasurer says he will have the accountant "fix it" at the end of the year. Are you buying into this is the way it works 99%?
Look at all the trouble the OSM Board avoided by not electing a Treasurer who has the knowledge and understanding of managing the timely preparation, submission and publication of statutory reports, including the annual financial statements, annual report, tax forms, in-year reports and mid-year reporting, withdrawals from bank accounts or who can ensure that the content of financial reporting is specific (unambiguous), measurable, accurate and valid, reliable and time specific.
It’s just like the old joke of the correct answer an accountant gives during the job interview:
Q. How much is 2 + 2?
A. How much would you like it to be?
Is It Fraud or Incompetence?
If you know where to look, you can usually find telltale signs of fraud fairly quickly. The most common place to find evidence of fraud is in the accounting records. Symptoms typically include:
- Lack of a sufficient audit trail: unsupported balances or transactions, missing support or documents
- Transactions not recorded in a complete, timely, or proper manner
- Significant unexplained or last-minute items on reconciliations
- Missing inventory, cash, or other physical assets
- Unrecorded assets or liabilities
- Overstated or understated expenses
- Commingling of personal and business assets and transactions
Unfortunately, those are also the symptoms of accounting incompetence, and are fairly common in small businesses where no intentional fraud is occurring.
So, I will leave it up to you to make the judgement call but from my perspective, I would expect no less then the President of OSM and the Community Oversight Team to investigate and if they really want to ensure that there is nothing wrong, I suggest that their audit team start working now!