Glenmore Reports More than $600K MissingPosted: Updated:
The Glenmore Community Association released the results of an audit of their finances. The results showed the association is missing more than $600,000.
Mike Comer served as the treasurer of the community association for 15 years. Comer vanished July 1 after going to his property at Wintergreen and hasn't been heard or seen since then. Initially, authorities thought Comer may have gone on a hike but an extensive search in the woods near the property turned up nothing. Later, his family told NBC29 that Comer may never have gone on a hike at all. His car, keys and cell phone were near the Wintergreen property.
According to his brother-in-law, the last person Comer spoke to on the day he disappeared was his mother. Since then, Nelson County has been in charge of the investigation into his disappearance.
On July 6, The Glenmore Community Association released a statement to the press saying Comer failed to show for a July 1 meeting to "discuss incomplete data made available to the auditor" when he disappeared. The association replaced Comer as treasurer and took away his bank access to community funds.
Monday, Trevor Joscelyne with the Glenmore Community Association recalled, "We were totally stunned when we found this. We had no inclination whatsoever that this was going on."
The association also confirmed there was still money in the accounts for day-to-day needs but were holding off on any major expenditures until an audit was completed. They started reviewing the old books to make sure money was handled correctly.
Comer was not only the treasurer of the Glenmore Community Association. He was also president of the Glenmore Country Club and an employee of Glenmore Associates, a development group. In those roles he had access to all their bank accounts.
Joscelyne said, "The impression may be that Mike was trying to borrow from the association to help out Glenmore Associates."
The association's president says money started disappearing in 2006 and that Comer issued unauthorized checks and didn't record some incoming payments.
Comer's disappearance sent shock waves through the tight-knit community and many now are putting the pieces of the puzzle together. Resident Suzanne Schade said, "Everybody has kind of pretty much accepted the fact that he doesn't want to be found. That nothing did happen to him."
Albemarle County police are award of the situation but at this point a spokesperson said that no criminal charges have been filed.
Below is the newest press release about the audit and Mike Comer from the association.
Press Release 7/20/09
Glenmore Community Association - Financial Audit and Mike Comer
Glenmore Community Association has received the results of the financial audit being undertaken by Robinson, Farmer, Cox Associates. The original scope of the audit was to review 2008, but following concerns around the recent disappearance of our Treasurer, Mike Comer, the audit was extended to include the first six months of 2009, as well as a review of the balance sheets and some transactions during the previous three years.
We have confirmed that sufficient funds are available to continue ongoing operations and maintenance, and for payment of all bills. However, the audit has revealed that a total of $666,446 is missing from our operating and reserve accounts due to apparently unauthorized activity by Mr. Comer over the last four years. Unauthorized checks were issued from the association to Glenmore Associates, and incoming payments from Glenmore Country Club were recorded, but not in fact received. (Glenmore Country Club is wholly owned by Glenmore Associates).
The cash-flow statements and balance sheets issued each month by Mr. Comer showed no record of these transfers, which were discovered during the auditor's detailed examination of the association's bank account statements. It appears that Mr. Comer acted alone in these matters, without the knowledge of any other individuals within the Country Club, Glenmore Associates, or the GCA.
We have been in discussions with representatives of Glenmore Associates, who have shared their concern with us, and who have offered to provide restitution of the missing funds, though some of this will not be immediately available. Legally binding arrangements will be made to secure the repayment.
The audit also identified various procedures which we plan to introduce to improve internal control of the recording and approval of the association's transactions.
Other actions taken by the Board of Directors of the Glenmore Community Association include:
The appointment of a new Treasurer (W.A. Pace)
The appointment of a new Secretary (Betsy Gohdes-Baten)
The appointment of a resident CPA as book-keeper
The closing of all previous bank accounts
The temporary postponement of major capital expenditures such as road resurfacing
Mike Comer was a well-liked and trusted member of the board for 15 years, acting as a representative of the developer, and we are all dismayed by current events. Our thoughts and prayers are with the family.