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Dear Fellow Parishioners,
We would like to provide an update on the Cathedral's finances. As previously announced, the Vestry engaged an outside CPA firm, BT Advisors, to assess the Cathedral's financial records, accounting processes, and internal controls. While the assessment identified issues requiring further review and correction, nothing reviewed during the assessment indicated that funds are missing.
Following the recommendation of the Finance Committee and in consultation with Bishop Wells, the Vestry has approved an expanded engagement with BT Advisors. BT Advisors will provide one-time services to reconcile the Cathedral's books and support the completion of the overdue audit and reviews.
The Vestry has also determined that controller-level support is necessary on a go forward basis. The expanded engagement with BT Advisors will also include ongoing outsourced controller services, including oversight of the Cathedral's bookkeeping function and preparation of monthly financial reports.
Significant work remains ahead, but the Vestry is committed to transparency, faithful stewardship, and honest communication throughout this process. We will continue to provide updates as important milestones are reached.
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