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Verbatim: Tippecanoe Valley is deeply disappointed over misuse of funds

Letter to the Indiana State Board of Accounts from the Tippecanoe Valley superintendent:

April 25, 2013

State Board of Accounts

302 West Washington Street

Room E 481

Indianapolis, in 46204-2765

Dear State Board of Accounts:

This letter is to serve as the "Official Response" of the Tippecanoe Valley School Corporation in regard to the Examination Results and Comments presented by representatives of the State Board of Accounts.

The Tippecanoe Valley School Corporation (TVSC) deeply regrets the circumstances leading to the emergency audit conducted by the State Board of Accounts following the death of the corporation treasurer. The TVSC wishes to express its gratitude to the State Board of Accounts for the professionalism of the field representatives that conducted the audit and their supervisor. A significant amount of time and effort went into compiling the examination results.

Based on the thoroughness of the emergency audit, the TVSC believes the examination results to be an accurate reflection of the misuse of public funds by the former corporation treasurer. The individuals who manage and govern the TVSC are deeply disappointed in the actions of the former corporation treasurer resulting in undocumented checks issued to or on behalf of the former corporation treasurer in the amount of $34,916.63 and the undocumented credit card charges by the former corporation treasurer in the amount of $245,625.15. It is important to note that a significant portion of the misuse of public funds occurred during the time of transition from the retirement of the previous deputy treasurer to the hiring of a new deputy treasurer when the former corporation treasurer assumed the responsibilities of both positions.

The TVSC has public official bonds which cover the period of time in which the misuse of public funds occurred. The TVSC anticipates the bonds will result in full restitution of the public funds misused by the former corporation treasurer.

During the emergency audit, as details of the misuse of public funds by the former treasurer were discovered, immediate actions were taken to correct the conditions and prevent a recurrence. Internal controls over the disbursing, recording, and accounting for the financial activities related to the disbursement of vendor checks and the processing and payment of credit cards were immediately reevaluated. The TVSC recognizes internal controls must be in place which provide reasonable assurance regarding the reliability of financial information and records, effectiveness and efficiency of operations, proper execution of management’s objectives, and compliance with laws and regulations. internal controls associated with the segregation of duties, safeguarding controls over cash and all other assets and all forms of information processing are in place.

All TVSC building and corporation level treasurers fully understand that public funds may not be used to pay for personal items or for expenses which do not relate to the functions and purposes of the TVSC.

Every effort will continue to be made to ensure proper procedures are followed for disbursing, recording, and accounting for the financial activities of the TVSC according to the Accounting and Uniform Compliance Guidelines Manual for Indiana Public School Corporations, Chapter 9.


Brett R. Boggs


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