Former LICU Board President says more answers needed

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Updated: August 20, 2015

And while members of La Inmaculada Credit Union wait for Saturday to get a detailed explanation about the special financial investigation currently underway at the institution, former Board of Directors President, Amory Jacobs has shared his opinion about the position taken by the current board.  Jacobs has come down hard and critical about the statement broadcast last night on local television.  He said he is not convinced with what the board is saying about the former General Manager and simply needs more proof.

Amory Jacobs – Former President, LICU

I am very anxious to see what kind of proof they have to make these accusations because where the points of protocol and banking issues are concerns I feel those are petty issues considering the performance of Ms.Yoli for the past twenty four years. She is the one who brought up this credit union from practically the ground to where it is right now from one million to abut fifty something million in assets. So how can you accuse a person of that magnitude of mismanagement. Something is wrong I would definitely like to see some evidence because they are only talking but they still haven’t completed their investigation  so if you haven’t completed your investigation how are you going to fire somebody, how are you going to dismiss her from their job if you haven’t completed an investigation?”

Jacobs is a certified accountant and served for ten years as a member of the LICU board of directors, two of those as President of the Board.  He has been following the LICU scandal from its start and told us that he found it very interesting when the current president Ena Martinez accused Gomez of writing off loans.

Amory Jacobs – Former President, LICU

“The manager at no time has any power to write off any loans and the board knows that so I find that accusation as very stupid. The manager along with her credit department during the course of the year they will see members who are going into delinquency or who have been in delinquency for arguments sake more than a year or two years and they would prepare and list and not the manager prepares that list it’s the credit department and that list would be presented to the board and the board would go through that list person by person and we would question the manager if we wish to question her and the board decides if they will write off or not, not the manager. At no time does the manager have any authority to write off any bad debts.

Arturo Cantun, Love Fm News

So if at any point she did what they are accusing her of then you are saying that the board was aware that she was doing it?

Amory Jacobs – Former President, LICU

“Well I don’t know what they are talking about because only the board can write off loans, the manager cannot. The manager can recommend you write off her own loan but it’s up to the board to decide. The board are the ones who make the decisions not the manager so I find this very confusing.”

What has struck Jacobs as disturbing from the statement is the allegations of missing funds.  Jacobs is of the belief that all this may be a result of variation in accounting at the credit union.

Amory Jacobs – Former President, LICU

“I would like to mention one thing concerning the cash shortage that they are talking about. Has any member’s money been short? No this that they are talking about is a book figure, and from my experience some years ago when St.John’s Credit union were transferring their manual ledgers to computerized ledgers they had an reconciling balance of $1 million dollars and the board presented it to the members and it was written off without a question asked and I believe that this is the same issue it’s just a matter of reconciling so you need to have a competent team to go in and take their time and do their investigation because as far as I am concerned from my experience it’s just a matter of recording, it’s not cash that is short it’s just a book figure. Entries are not properly recorded and they are not properly reconciled and you can’t blame the manager for that because you have a credit manager and account manager and so on in the credit union that is their job, of course the manager oversees them but they should do their jobs. It’s common sense. Nobody stole any money this is just a book figure, no money is missing so this is craziness and all the board can say is that the investigation still continues.”

Jacobs made clear that he is voicing his opinion, not in defense of Yolanda Gomez, but to safeguard the integrity of the Credit Union.  He said he is hopeful that on Saturday all the lingering questions will be answered for the benefit of the members.