For immediate release: 4/2/19
Subject: SNAP investigating theft of funds
Spokane WA, April 2, 2019 – SNAP owns several low-income rental properties in Spokane County. Since 2008, SNAP has retained the services of Coast Real Estate Services to manage these properties, including distribution of rent payments to some tenants. In December, SNAP internal financial controls detected an irregularity in a fund administered by Coast. A review was immediately initiated by Coast and SNAP. The Spokane Police Department was notified and began an investigation, which is ongoing at this time. The Coast employee suspected in this matter is no longer employed by Coast.
“Our first concern is if any client housing was affected by this situation. If we find that is the case, we will work to address the matter” stated SNAP CEO Julie Honekamp.
An independent forensic accountant has been hired to conduct an exhaustive review, which is ongoing. To date, the forensic accountant has verified $50,000 in irregularities. As the investigations proceed, SNAP is already implementing even more rigorous checks and balances into processes and procedures for this vendor.
Until this situation occurred, SNAP maintained rental properties for over 25 years without incident. “We have always passed vigorous independent audits and work to maintain the highest professional standards managing our partner and client money.
Stewardship of our partners and clients’ money must be accomplished with the highest level of protection. At the conclusion of the investigation, we will implement any additional steps recommended in the report,” said Honekamp.
“SNAP is dedicated to taking all steps necessary to ensure to our partners and tenants that this will not happen again.” concluded Honekamp.
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