Old news: Mismanaged funds at NC A&T
Dang! I know at least a couple of people who will be pissed over this.
Article dated 9/12/07
(blackcollegewire.org) The new school year at North Carolina A&T State University in Greensboro began with the revelation that a state audit has uncovered close to $2 million in mismanaged funds.
The audit documents instances of fraud and mismanaged federal grants and other funds, including $380,000 in vending receipts that were diverted to a spending account for former chancellor James Renick, who stepped down last year and is now a senior vice president at the American Council on Education in Washington.
“It’s really sad,” said Arnita Floyd Moody, a recent North Carolina A&T graduate and 2006-07 student government president. “That money should have been used to give the support that our students need.”
Chancellor Stanley Battle, who only recently took over as chancellor at A&T, warned against sensationalizing the report.
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According to University of North Carolina system policy, the vending money was supposed to be set aside for scholarships, student financial aid, reconciliation of campus debt and student activities. Instead, according to the audit, the money was spent on alumni events, travel by Renick’s wife, commissions for artwork, and even a $150,000 annuity for an unnamed faculty member. (more…)
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