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The $86,000 Question (Minneapolis NAACP branch)
First of a series
Subj:     The $86,000 Question (Minneapolis NAACP Branch)
Date:     3/17/2005 6:31:14 PM Central Standard Time
From:     Socialist2001

Early in 2003 a "cash review" of the Minneapolis NAACP branch financial books for 2001 and 2002 revealed that $86,000 was missing from two Piper Jafrey / US Bank investment accounts held by the branch.

The missing $86,000 was the topic discussed at a special branch membership meeting on June 7, 2003. The acting treasurer, Sam Richardson, reported that the money had been invested, but didn't say how. At the regular meeting on June 28, 2003, members voted to not accept the treasurers report.

According to the minutes of the general membership meeting on July 26, 2003, "assistant treasurer Sam Richardson reported - Have hired MAP to help with accounting; have new accounting programs which are being installed and because of this we do not have a report this month. Mr. Metoyer asked about the status of the investment funds. President Gallmon: The funds were tracked to Piper Jaffrey (moved there during the merger of US Bank and Piper). They did not move back to US Bank when Piper and US Bank separated. We are in the process of moving them back to US Bank. We will have all the numbers for the August meeting."    

However, no documentation was subsequently brought forward by Mr. Gallmon and the Branch Executive Committee to show that the missing $86,000 was tracked to a Piper Jaffrey account, then moved back to US Bank.

What happened to the $86,000?

-Doug Mann, King Field
Member, Minneapolis NAACP branch executive committee.