Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| Form 990, Part III, Line 4d: Other Program Services Description | OTHER PROGRAM SERVICES 4: OTHER PROGRAM SERVICES INCLUDE PHYSICIAN ADVOCACY, PUBLIC AWARENESS, AND EDUCATIONAL ACTIVITIES PROVIDED TO EDUCATE PHYSICIANS ON TOPICS PERTINENT TO MEDICAL PRACTICE, HEALTH AND WELLNESS, AND OTHER ISSUES AFFECTING PHYSICIANS' ABILITY TO PRACTICE IN AN ENVIRONMENT THAT FOSTERS THE HIGHEST QUALITY MEDICINE POSSIBLE. |
| Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder | THE ACADEMY OF MEDICINE IS COMPRISED OF PHYSICIANS FROM THE GREATER CINCINNATI AREA, AND THE PHYSICIANS PAY ANNUAL DUES TO BELONG TO THE ACADEMY. |
| Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body | THE MEMBERS OF THE ACADEMY ELECT THE COUNCIL MEMBERS. |
| Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders | DECISIONS REQUIRING BY-LAW CHANGES REQUIRE APPROVAL OF THE GENERAL MEMBERSHIP. |
| Form 990, Part VI, Line 11b: Form 990 Review Process | AN ELECTRONIC COPY OF THE FORM 990 IS PROVIDED TO EACH BOARD MEMBER FOR THEIR REVIEW AND REPLY. |
| Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts | THE POLICY IS REVIEWED AND ATTESTED TO BY APPROPRIATE BOARD MEMBERS AND STAFF. |
| Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management | THE ACADEMY WILL OBTAIN EXECUTIVE COMPENSATION AND BENEFIT INFORMATION FROM THE PROFESSIONAL ASSOCIATI0N FOR MEDICAL SOCIETY EXECUTIVES OR THE AMERICAN ASSOCIATION OF MEDICAL SOCIETIES EXECUTIVES. |
| Form 990, Part VI, Line 19: Other Organization Documents Publicly Available | GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST ON SITE... |
| FORM 990, SECTION A. LINE 5. DIVERSION OF ORGANIZATION'S ASSETS | On or about June 9, 2021, it was brought to the attention of the Board of Directors of the Academy of Medicine of Cincinnati(Academy) that some accounting irregularities in the financial records had been identified during the period 2019-2021. The diversion by one employee included unauthorized payrolls having been run for the employee, several unauthorized cash withdrawals having been made from the Academy's checking account, and personal expenses having been paid from the organization's funds. Further, it was recently discovered that the employee made cash withdrawals from a customer's bank account for which administration was being handled by the Academy.The employee that misappropriated the funds has resigned from the Academy. Before the termination, the employee was responsible for all accounting functions, including payroll, accounts payable, and accounts receivable. The misappropriation was identified by an outside accountant when preparing the 2020 Form 990 tax return. A forensic audit identified an estimated diversion of approximately $60,000. Because forensic auditing continues due to the recent identification of the new source of misappropriated funds, a total dollar amount has not yet been calculated. Although the final accounting is not yet complete, the Academy believes that the misappropriated funds that were identified prior to the new loss have been largely reimbursed by the employee. The Academy intends to pursue reimbursement for other identified misappropriated funds.The Academy is currently searching for a replacement, as well as a new in-house accountant that will be responsible for oversight of accounting functions. The segregation of duties should help to eliminate any future misappropriation of funds. |
| Software ID: | 20011551 |
| Software Version: | 2020v4.0 |