Lambda Foundation recovers over $2,400 in missing funds

More than $2,400 in missing funds were recovered by the Lambda Foundation Sept. 18 after the foundation’s board of directors threatened to seek a full police investigation into alleged misappropriation.

At the foundation’s regular monthly financial review in July, board members discovered a discrepancy of $2,447 and launched an internal investigation into the status of the funds.

The board reviewed the results of the investigation at its Sept. 16 meeting and voted unanimously to file an insurance claim and police report regarding the missing funds and to fully cooperate with any subsequent investigations. The announcement of the police investigation had been scheduled for the afternoon of Sept. 18.

That morning, however, the Lambda Foundation announced that the full $2,447 had been returned.

According to Lambda Foundation President Bill Nist, board members decided not to release the name of the individual believed to be responsible for the discrepancy in its account. The board said it had not ruled out pressing charges against this individual.

“All funds have been returned, but we are extremely disappointed that this happened in the first place,” Nist said. “We have instituted further checks and balances to prevent any such incidents from happening again. We launched a full investigation with the assistance of all proper authorities and expected full restitution.

“In no way will this matter divert us from our ongoing fund-raising efforts on behalf of the community,” Nist added.

The Lambda Foundation said it maintains bonding insurance in recognition of its fiduciary responsibility to the community. All Lambda funds are raised through community benefit events or other donations. Lambda then issues grants to individuals and organizations to fund projects or services that support the tri-state gay and lesbian community.

This article originally appeared in Pittsburgh’s Out. This article is preserved as a part of the Q Archives project. Please consider donating to help preserve Pittsburgh’s Queer history.