Teton School District’s insurance carrier, Idaho Counties Risk Management Program, is covering the financial net loss of funds from the fraud discovered in December, according to an announcement by Superintendent of Schools Monte Woolstenhulme at Monday night’s board meeting in Driggs.
The amount has yet to be confirmed but will include nearly $300,000 of the original loss plus some of the expense of the cybersecurity investigation, Woolstenhulme said. The district will be assessed a $500 deductible.
As announced in January, the district has already recovered $484,332.66 of the original amount of $784,000 fraudulently transferred. The FBI, ICRMP and financial institutions all investigated the matter.
Woolstenhulme said the FBI has not answered any questions on its investigation.
He also announced that a replacement for the previous Business Manager has just been selected by a seven-member hiring committee. Blake Snedaker, current business manager of Cascade School District #322 in Cascade, ID, will make the transition to TSD in the next month.
Snadeker holds an MBA from Western Governor’s University and a BS from Brigham Young University–Idaho. He previously worked with Skyward, TSD 401’s accounting system, as assistant business manager at Madison School District #321 in Rexburg.
At the meeting, the board discussed its high expectations of Snedaker and the fact that the new Business Manager will play a critical role in helping the district complete the Fiscal Responsibility portions of its Strategic Plan. They authorized Woolstenhulme to negotiate Snedaker’s pay within the administrative range ($75,000-$100,000), a substantial increase from what the previous business manager was paid.
The hiring committee interviewed eight from the 20 applications received for the post. The group who sought the position represented a wide diversity of interest and experience; of the total, however, five or six withdrew from consideration, due to the high cost of living in Teton Valley and the projected salary. Snedaker was the only applicant with school financing and Skyward experience.
The volunteers on the hiring committee included board chair Chris Isaacson and board member Jake Kunz; THS math teacher, parent, and Teton Education Association representative Amy Sotin-Wood; former board member and parent Delwyn Jensen, who also has a finance/banking background; and accountant Stephanie Shankland, who serves on the board of the Teton Valley Education Foundation. Also serving on the committee were TSD Human Resources director Becca Berry; and Woolstenhulme.