Alpha Kappa Alpha President, Barbara McKinzie has created controversy when two wax figures were commissioned to be made for an exorbitant amount of money. She claims that that the two figures, one of her, cost the organization $45,000, but other members contend more. As a result, eight members of the sorority are suing McKinzie of mismanaging funds.
They are alleging that some board members purchased a $11 million life insurance policy for McKinzie, and arranged a four year, $4000 monthly stipend after she leaves her post. The suit also accuses McKinzie of charging nearly $400,000 in personal expenses, like lingerie and jewelry, to the Chicago-based sisterhood’s American Express card.
McKinzie holds an MBA from Northwestern University, and is the former comptroller for the Chicago Housing Authority. Alumni include poet Maya Angelou, civil rights icons Rosa Parks, Coretta Scott King, and author Toni Morrison.
McKinzie defended herself in a statement and said, “The expenses were consistent with furthering AKA mission and did not violate any of the group’s bylaws.” She contends that under her leadership, the organization has erased “past IRS liabilities and cost overruns” and auditing practices have improved during her tenure.
Nevertheless, within the 38-page lawsuit the sorority is portrayed as a troubled organization rife with financial improprieties. McKinzie also invested millions of dollars of the sorority’s money in stocks and bonds investments, which have since lost huge amounts of money according to the lawsuit.
“This is extraordinarily shocking if not illegal conduct,” Edward W Gary Jr., an attorney representing the plaintiffs suing the Chicago based sorority.
McKinzie has denied what she called the lawsuit’s “malicious allegations,” saying they were “based on mischaracterizations and fabrications not befitting our ideals of sisterhood, ethics and service.” It is obvious that someone is lying and it will be resolved in a courtroom of law.
