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A Fact-Finding Board was created on 14 February 2013 by the 2013 Board of Directors of the Philippine Association of Academic and Research Librarians, barely a week after its discovery of a fake Time Deposit Certificate. Specifically the fact- finding team led by past President Fe Angela M. Verzosa was mandated to investigate into the circumstances surrounding the missing time deposits in the amount of P1.25 million, and to provide evidence-based findings in order to establish a documented basis upon which recommended actions may be done. This report was presented at the special meeting of the general membership of the Association on 17 June 2013 held at the Multi-Purpose Hall of the National Historical Commission, T.M. Kalaw St., Ermita, Manila, Philippines.