Half Moon Bay Beautification Committee finds closure on missing funds

The Half Moon Bay Beautification Committee organization embezzlement was discovered after the Treasurer, Jack Olsen, died.  The remedy since is about half insurance reimbursement. two authorized officer signatures on the account, and better oversight.

Half Moon Bay Review/Mark Noack, 1/3/12. "Beautification Committee fails to follow financial safeguard."

Beautification supports Main Street improvements

"It’s been two years since the Half Moon Bay Beautification Committee said its late treasurer, Jack Olsen, exploited his position of trust and used the nonprofit’s checkbook to steal at least $200,000 intended for Coastside charities.

....  In the two years before his death in 2010, Olsen was able to write $143,000 worth of checks made out in small increments to himself and other banks. The drafts were never noticed by his colleagues on the board. Following the discovery, board members promised they were working with the First National Bank in Half Moon Bay to make the two-signature policy an ironclad rule. 

Last week, Palmer said the nonprofit has since recouped $100,000 of the loss through an insurance policy claim.  ... “We feel now that this chapter is closed, and we’re moving forward.”   Read article.

Beautification hosts the HMB Arts & Punkin Festival

Related -Half Moon Bay Beautification Committee, "The Main Street Beautification Committee was formed in 1971. It was founded as (and still is) an all-volunteer group of civic-minded citizens from the Coastside who wanted to make a lasting contribution to the preservation and beautification of the town's historic Main Street. Directors have always served without compensation"

Half Moon Bay Review, 5/24/10, updated 1/20/11,"Services set for Farm Bureau head Jack Olsen" (5/24/10 and 5/25/10). "Services have been set for Monday and Tuesday to honor the life of Jack Olsen, who was executive administrator of the San Mateo County Farm Bureau. ... The Beautification Committee mourns this monumental loss, and our thoughts, prayers and love are with Jack's family," said committee chair Cameron Palmer in a prepared statement. "Our deepest sympathies go out to them."

Posted by Kathy Meeh