Statute of Limitations for Embezzlement in Virginia

My question involves criminal law for the state of: VIRGINIA

In January 2011, the Executive Board of the soccer league met for a Board meeting. After the meeting concluded, the Treasurer of the League, Board Member A, told the remaining Board Members that collecting from teams with past-due balances was very difficult and that they should consider writing-off all accounts with outstanding balances at that time.

Please note that Captains of teams were responsible for collecting league fees from each of their players and paying the League in one lump sum. Therefore, the responsibility for payment was on the shoulders of each Captain.

The remaining Board Members, from what I understand, did not take a formal vote...but all present casually agreed to writing-off the past due balances. I also understand that Board Member A did not accurately or fully inform the remaining Board Members about the total sum of past-due balances.

After researching this matter and having an accounting firm reconcile accounts, we learned that about $53,000 in past-due balances were written-off by Board Members. Approximately $28,000 of the total directly benefited Board Members or the teams certain Board Members were Captaining.

List of Board Members who benefited from the decision to write-off past due balances and the amount each owes the League (according to the accountant who performed a reconciliation):

Board Member B - owes the League $14,290.08
Board Member A - owes the League $9,800.00
Board Member C - owes the League $2,484.46
Board Member D - owes the League $1,700.00

Little or no information about the Board's decision to write-off past due balances was communicated to the League or its Captains. Pro Forma accounting documentation was purposefully withheld from distribution to Captains at a League meeting. Several Board Members called me directly to plead that I do not raise this question at any League meeting. The current Commissioner of the League, Board Member E, has decided to not act on this issue despite a majority of Captains in the League wanting to pursue collections of past-due balances.

This entire issue may involve collusion, embezzlement of funds, and possible fraud. From what I understand, some Board Members/Captains actually collected money from their players, decided to write-off past due balances, and then did not refund the collected money to their players.

The overall shortfall of $53,000 has led directly to higher player fees for all players throughout the League

QUESTION 1: What is the statue of limitations on this type of crime?
QUESTION 2: Does the statute of limitations get extended or waived if the amount for a Board Member exceeds $5,000 (felony)?

Felonies have no statute of limitations in Virginia. Even petit larceny has a statute of limitations of five years. I don't know where you got the $5000 threshold from. The threshold is only $200.

However, it's unclear if anything illegal as opposed to merely objectionable has occurred here. You're going to need a lawyer to review the corporate bylaws, etc... to see if the board acted in violation of these.