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2024-04-12 Meeting notes

Owned by Paul Barry, created
Apr 12, 2024
3 min read

 

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   CIECA 500 Westover Dr  #11617; Sanford,  NC  27330 

Date

Apr 12, 2024

ANTITRUST STATEMENT

As participants in this meeting, we need to be mindful of the constraints of antitrust laws. There shall be no discussions of agreements or concerted actions that may restrain competition. This prohibition includes the exchange of information concerning individual prices, rates, coverages, market practices, claims settlement practices, or any other competitive aspect of an individual company’s operation. Each participant is obligated to speak up immediately for the purpose of preventing any discussion falling outside these bounds.

Agenda

  • Antitrust / Minutes Approval

  • Financials Update

    • Paul reviewed March 2024 financials. There are no concerns. We are better than budget.

  • Direct Deposit Fraud

    • Paul provided an update to the committee on an issue that was reported to the Treasurer and Executive Committee the previous week. Following Stacey Phillips marriage she requested we change her name in all of our systems to reflect her new last name, Ronak. At the same time, I recieved an email that impersonated Stacey’s name and title requesting we change her banking information. Since we had just changed everything else, it did not raise any red flags.

    • Unfortunately, it was a scam. Stacey identified the issue quickly and we corrected the issue but not before two payments totaling approximately $7,000 had been sent to the wrong account.

    • The matter was immediately reported to our accountants and to Bank of Americas fraud department. An report was filed with BofA and their team is attempting to recoup the money. It will take several weeks and there is a distinct possibility that we will not be able to recover the money.

    • We have subsequently put in place a new procedure to ensure that any banking changes require voice-to-voice confirmation between the accountants and our contractor. Furthermore, Paul Barry will upload any banking changes in writing through a secure portal to the accounting firm.

    • After further review, we do not believe the issue was a matter of hacking or identity theft. It appears the scammers pull names, titles and emails off of public sites such as cieca.com or LinkedIn and perpetrate these scams. In the weeks since, we have received several other attempts to change Paulette's and even my banking information.

  • 2022 Audit Update

    • There is an outstanding issue to resolve for the 2022 financial audit. We reviewed the matter as a committee and identified as possible cause for the confusion. It appears that beginning balance shown on the GL report from our accountants is incorrect. We have notified our accountant and asked them to confirm the balances and determine if this is the source of the issue.

    • Paul will provide an update at the next meeting.

Meeting Minutes

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Action items

Decisions

 

Participants

  • @Paul Barry@Brady Bonner @Ashley.Denison @Greg Best

 

 

 

Participants in the meetings are noted for your information.  If you have questions on the committee’s activities, please contact a recent attendee.