An accounts payable audit has found a Maryland man guilty of embezzling more than $500,000 over the course of five years from the National City Christian Church in Washington, D.C., The Gazette reports.
The man, Jason Todd Reynolds, who served as the organization's chief financial officer, defrauded the church in a variety of ways, including writing himself checks and paying his home mortgage and personal credit card with church funds, buying three luxury vehicles with its credit card, and accepting donations and payments from charities for his own use.
Reynolds has been convicted of 12 counts – one each for wire fraud, bank fraud, falsifying a loan application, and fraud in the first degree, and four counts of aggravated identify theft and tax evasion, the source writes. He is now facing six to seven years in prison.
"Money that would have been used to feed the hungry and help those who are hurting in our community was diverted," Stephen Gentle, senior minister for the church, said in a statement cited by the source. "This has hurt the congregation."
Regular AP audits can help organizations, companies and governments avoid benign and malicious fund misappropriation and embezzlement. Such oversight will not only help organizations create more stringent financial controls, but also save money on a potential recovery audit.