Independent Audit of AKA Sorority Shows Financial Irregularities - Your Black World
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Independent Audit of AKA Sorority Shows Financial Irregularities

 

A financial audit of the nation’s oldest black sorority found significant accounting problems including a secret set of books used by top officials to divert money, findings that bolster some claims in a lawsuit.

The audit of the Chicago-based Alpha Kappa Alpha sorority, which was completed in December and provided to The Associated Press, also found two former top officials continued to use sorority credit cards after their service ended, failing to appropriately document tens of thousands of dollars in charges. A pending 2009 lawsuit against the organization and officials including its former president, Illinois resident Barbara McKinzie, contains similar allegations.

 

The audit by the Illinois-based accounting firm Ragland & Associates covers the year 2010 and is an annual audit paid for by the society. It finds that in that year McKinzie and two other top officials secretly created a second set of financial books to get around the sorority’s accounting policies.

“The intent was to divert and misappropriate AKA funds,” according to the audit, which found nearly $1.7 million in payments made without authorization.

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