I have been following the sordid mess of the North Idaho Housing Coalition. By all newspaper accounts, there is theft, embezzlement, forgery, conversion, and a loss of taxpayer funds close to $500,000. I have yet to see any suit filed by the board to freeze stolen assets, or prevent further waste dissipation of the stolen property.
The news reports document Lori Isenberg’s actions and board approval to modify accounting procedures, eliminate oversight, eliminate an outside contractor, and similar actions of malfeasance and incompetence to remove checks and balances in the management and expense of public funds.
Each Board of Directors member has a fiduciary duty to adopt and enforce audits, controls and management oversight. The service on a nonprofit board involves work and responsibility, especially with public funds. The members of the NIHC board have failed miserably in their oversight and fiduciary duties, if they even knew what those responsibilities were. The existing board should call for new applications for the replacement of all board members. New bylaws and oversight procedures should be adopted.
This mess is simply one more in a continuing series of embezzlements in the area due to lax management oversight and board member malfeasance.
How about it NIHC board? Will you do the right thing and resign?
MBA, JD, CRE