The Detroit Riverfront Conservancy formally announced new plans to tighten controls after the loss of at least $44 million and the conviction of its chief financial officer last year.

The steps include enacting a formal whistleblower policy, setting up an ethics hotline, rotating auditors to "ensure fresh perspectives," shrinking its board from 55 to 30 members and limiting their terms to nine years, according to a Monday, Nov. 17 press release.

Experts have criticized the nonprofit for not having stricter policies to detect the massive theft, including maintaining an oversized board, sticking with the same auditor for years and allowing ex-CFO William Smith sole control over an organization checking account.

Smith was sentenced to 19 years in prison in April for what investig

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