Insurance to cover Teton School district loss

The Teton Valley School District #401 has learned its insurance carrier will cover funds lost to a financial scam in December.

Superintendent Monte Woolstenhume said Idaho Counties Risk Management Program (ICRMP) said the final amount has yet to be confirmed, but will include nearly $300,000 from the original loss, plus some of the cost of the cybersecurity investigation. The district will pay a $500 deductible.

The district recovered $484,332.66 of the original $784,000 fraudulent transfer in January. The FBI has been investigating the incident, but Woolstenhume said the agency has not shared any of its findings with the district.

Blake Snedaker, current Cascade School District Business Manager, has been selected by a seven member Teton County hiring committee to serve as the district’s new Business Manager. Snedeker will move into the Driggs job in March.

In addition to basic management duties, Snedaker will also play a critical role in helping the district complete the Fiscal Responsibility portions of its Strategic Plan.