That's correct.
It's not even a matter of accounting. My 16-year-old nephew is asking me how this can happen when he himself knows that there must be a documented record and internal controls.
I can assure you that, if any of our members had been consulted on this, we could have done some basic things. We don't need to reinvent the wheel. Internal controls have been in place for decades. We don't need to discover them, we just need to implement them.