Woodcock Foundation ex-chairman, wife charged with wiping out fund

Dec 6, 2012 | Posted by: roboblogger | Full story: The Courier-Journal

Founded in 1872, Louisville’s Woodcock Foundation has given scholarship money to needy college students for the past 50 years.

With assets that once totaled about $1.5 million, the Episcopal-church-affiliated charity gave away nearly $500,000 in the past five years alone to 60 to 70 students a year.

But now the foundation — named after the third bishop of the Diocese of Kentucky, the Right Rev. Charles Edward Woodcock — has only $8, and students who were awarded scholarships last year never got their money ...
Comments
1 - 4 of 4 Comments Last updated Dec 7, 2012

“... truth will out.”

Since: May 08

Stratford, Connecticut.

#1 Dec 7, 2012
from The Courier-Journal:

"... The foundation’s longtime chairman, Charles Muir, and his wife, Diana Muir, embezzled $1.4 million over five years, wiping it out.

"The indictment alleges that Charles Muir, 59, transferred the foundation’s money into his wife’s business account, disguising the payments as loans, and that they withdrew $262,000 from ATMs at Indiana casinos and took the rest out for her business bank account."

“... truth will out.”

Since: May 08

Stratford, Connecticut.

#2 Dec 7, 2012
from The Courier-Journal:

"The irregularities were first detected by the bank, which notified federal law enforcement authorities, said Alex Campbell, a lawyer for the foundation.

"He said Charles Muir had been chairman for about 10 years, and was put on the board in the mid-1990s, to replace his wife, who had been a trustee.
Campbell said that, as chairman, Muir alone handled the foundation’s finances. The other board members met twice a year solely to award scholarships, and the Episcopal diocese had no role ..."

... no role, no oversight, no responsibility, yet Woodcock Foundation was an Episcopal-church-affiliated charity.
Listen to the Word

Lake Havasu City, AZ

#3 Dec 7, 2012
Why does the "chairman" of the foundation have access to the funds? That is normally the job of the treasurer or financial officer. Just as important is the question, why did the use of funds not require the signature of two officers who are not related to each other? An additional important question, why was there no independent audit conducted each year and published to the rest of the board, to the diocese, or to some other superior? It appears TEC supervises its money as well as it supervises its doctrine.

“... truth will out.”

Since: May 08

Stratford, Connecticut.

#4 Dec 7, 2012
Listen to the Word wrote:
Why does the "chairman" of the foundation have access to the funds? That is normally the job of the treasurer or financial officer. Just as important is the question, why did the use of funds not require the signature of two officers who are not related to each other?...
When I was a chaplain's assist., when we needed volunteers to help count the offering, they also couldn't be related, and the Sunday sums were "chump change" compared to the size of the Woodcock foundation funds.

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