|
|
|
University leaders — especially the accomplished ones — enjoy enviable independence.
And access to money.
Alumni and other supporters are willing to pay for success and prestige.
Donors tend not to follow closely how their money is used, as long as the results are to their liking.
Retired president Jon Wefald transformed Kansas State University from a sleepy land-grant school into an athletic, economic and academic powerhouse.
But Wefald’s legacy is tarnished by a new audit that reveals a stunning amount of nest-feathering among a tight circle of his closest advisers.
They created a satellite structure of entities that were associated with but not controlled by the university, and were funded by donors and business 5transactions.
The auditors uncovered conflicts of interest, accounting problems and improper payments within those entities. ...
The Kansas Board of Regents last year commissioned audits at K-State, the University of Kansas and Pittsburg State University.
The leaders of those three campuses have recently departed, and the regents wanted to examine financial practices before new leaders took over.
The reports were intended to be confidential, but the board properly released the findings of the K-State audit.
With the problems in the open, new university president Kirk Schulz can be more upfront about how he intends to resolve them.
More review of some of the unusual financial arrangements is needed.
Schulz is setting up controls for donor funds and other money connected with the university.
The startling findings of the K-State audit are a sign the regents shouldn’t wait for a university leader’s retirement to investigate accounts.
Regent Gary Sherrer, the former Kansas lieutenant governor, said he will propose a regular schedule of reviews for all six regents universities.
That’s the right idea. Independent eyes are needed to protect donors’ money as well as the integrity of universities and their leaders.
— The Kansas City Star
University leaders — especially the accomplished ones — enjoy enviable independence.
And access to money.Alumni and other supporters are willing to pay for success and prestige. Donors tend not to follow closely how their money is used, as long as the results are to their liking.Retired president Jon Wefald transformed Kansas State University from a sleepy land-grant school into an athletic, economic and academic powerhouse.But Wefald’s legacy is tarnished by a new audit that reveals a stunning amount of nest-feathering among a tight circle of his closest advisers.They created a satellite structure of entities that were associated with but not controlled by the university, and were funded by donors and business 5transactions. The auditors uncovered conflicts of interest, accounting problems and improper payments within those entities. ...The Kansas Board of Regents last year commissioned audits at K-State, the University of Kansas and Pittsburg State University. The leaders of those three campuses have recently departed, and the regents wanted to examine financial practices before new leaders took over.The reports were intended to be confidential, but the board properly released the findings of the K-State audit.With the problems in the open, new university president Kirk Schulz can be more upfront about how he intends to resolve them.More review of some of the unusual financial arrangements is needed.Schulz is setting up controls for donor funds and other money connected with the university.The startling findings of the K-State audit are a sign the regents shouldn’t wait for a university leader’s retirement to investigate accounts.Regent Gary Sherrer, the former Kansas lieutenant governor, said he will propose a regular schedule of reviews for all six regents universities.That’s the right idea. Independent eyes are needed to protect donors’ money as well as the integrity of universities and their leaders.— The Kansas City Star
