Chapter 17 - The Foundation Returns the Money It Never “Lost”
The corrective accounting took months.
Auditors calculated the opportunity cost of restricted funds being unavailable during transfer periods.
Not imaginary punitive interest.
A reasoned investment-based calculation.
Vendor conflicts were reviewed.
Where the foundation could not establish proper approval, amounts were treated conservatively.
Insurance covered some professional costs.
The foundation itself restored fund balances and created separate bank subaccounts for major donor restrictions.
Previously, restrictions existed mainly in accounting ledgers while cash sat pooled.
Legal.
Common.
But easier to misuse internally.
The new system made transfers harder.
Two independent approvals required.
No family member could authorize movement from restricted scholarship accounts alone.
Conflict transactions required disclosure and independent committee approval.
Event budgets could not depend on future pledges unless a board-approved credit facility existed.
Boring controls.
Mother’s letter had asked for almost exactly that.
My father read the new policy.
Then said:
“Eleanor would have been unbearable about being right.”
I laughed.
May you like
First time the letter made either of us laugh.
That felt important.
