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Missing Funds

January 18, 2006

  • date
    January 18, 2006
  • article type
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    Opera Carolina News

Missing Funds

Charlotte, NC (January 18, 2006) - Officials at Opera Carolina reported yesterday to the Charlotte Mecklenburg Police Department on the order of $50,000 was apparently misappropriated by a former employee. The employee left the company mid-November 2005.

Opera Carolina named Terry Scott, former board member and former Belk Vice President of Treasury Services, as interim Chief Finance Officer. As Mr. Scott was preparing for the annual audit by Wagner Noble & Company, he found unusual transactions. In response to the situation, a Financial Oversight Committee comprised of Board Chair Emily Smith, former Board Chair Fred Lowrance, Board Treasurer Catherine Connor, Board Member Bernie Hargadon was formed. In addition, the long term auditors Wagner Noble & Company were informed, temporary accounting personnel was hired, and Parker Poe Adams & Bernstein was retained as counsel.

The financial oversight committee immediately began an internal investigation and confirmed that there were unusual transactions, which appear to be a misappropriation of funds. Consequently, Opera Carolina filed a report with the Charlotte Mecklenburg Police Department on January 17, 2006.

General Director James Meena shares, "The staff and I are grateful for the leadership of our Board, which has come forward to provide their professional assistance in this difficult matter." Meena continues, "Thankfully, Opera Carolina remains a strong and confident organization, thanks in no small part to the commitment of our Board."

Because of the police investigation, Opera Carolina cannot release additional information.

Founded in 1948 as the Charlotte Music Club, today Opera Carolina is one of the largest and most successful professional opera companies in the Southeast. The company's strong reputation is built on a commitment to excellence in its main stage productions and acclaimed Education & Outreach programs. With the 2005-2006 season, the company celebrates 57 years of presenting world-class opera at the North Carolina Blumenthal Performing Arts Center.