A press release from the Teton School District today announced that the recovered funds from the fraudulent payout have been deposited into the district account totaling $484,332.66.
According to the press release, it is unclear whether insurance will pay the balance or whether more of the funds will be found directly. The district is cooperating in ongoing investigations being conducted by the FBI, its insurance carrier (ICRMP), and financial institutions, as well as conducting its own internal investigation.
The press release further outlined increased oversight to its existing protocols for bond payments, including signatures being required by the school board representative regarding payment approval, the vendor representative picking up the physical check and signing for it, and district staff confirming by phone that the physical check made in payment was actually deposited by the vendor.
The district is following up on questions raised and suggestions given by the public at a work-session held Monday, January 7. Several district subcontractors and professional contacts, including the COO of the Bank of Commerce and the district’s auditor Rudd and Company, plan to attend to provide updates to the public and the board at next week’s regularly-scheduled monthly board meeting on Monday, January 14.
The press release added that Superintendent Monte Woolstenhulme hopes to provide additional updates about the investigations to the public and the school board at the meeting on Monday. It will begin at 5:30 p.m. and be livestreamed on the district’s Facebook page.