Études de cas
Phoenix IDA ("the Company") is a nonprofit organization that has provided $3.5B in private activity bonds since 2009 and has awarded over $10M in grants to local nonprofits since 2011. The Company had been served by the same Chief Financial Officer ("CFO") since 2010. In 2024, the CFO hired a new Controller. It was not long into the new Controller's tenure that she began raising questions and concerns about the Company's accounting functions, including a lack of compliance, inadequate checks and balances, insufficient monthly bank reconciliations, record concealment, and several other issues.
Ultimately, the new Controller filed a complaint with the board. She publicly asserted allegations against her colleagues and called the current CFO's credibility into question. The management of the Company was concerned, as the current CFO was a long-standing, trusted, and highly respected figure in the community. The situation was very tense for management and the board. The Chief Executive Officer ("CEO") of the Company engaged J.S. Held to investigate and clear the allegations made by the Controller. We were also appointed as interim CFO to review accounting records, recommend improvements to financial processes and procedures, and support the hiring of a new CFO.
The former CFO was reassigned and reported to the interim CFO, cooperating fully with our investigation. Our team conducted a thorough review of each allegation raised by the Controller and reported findings to management and the board.
We assessed and made recommendations on structure and staffing; roles and responsibilities; processes and procedures; banking and flow of funds; GAAP compliance; and other key workflows. In collaboration with the Company leadership, we led the search for a new permanent CFO, who was tasked with implementing our recommendations.
The situation had caused significant disruption across the organization. Through our expertise, J.S. Held helped restore order and rebuild trust. We remain committed to the positive growth of the Company and continue to serve in an ongoing advisory capacity for the Company's subsidiary.
Nick Kirkendoll
Directeur adjoint
Cabinet de conseil stratégique
+1 480 243 8513
[e-mail protégé]
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