Hope GSU can get this done quickly
Clean up to Pogue
Daarel Burnette's departure from his position as vice president for finance and administration at Grambling State University is timely and appropriate, given the disaster that unfolded on his watch.
A recently revealed state audit showed Grambling State tumbling down that same, woeful financial path it traveled in 2001, when the bottom fell out of finances. Back then, the state, unable to make heads or tails about what GSU had done with its accounting books, took the unprecedented step of scrubbing them clean and simply starting over. Unbelievable, it seemed. More unbelievable: GSU finances seem to be slouching toward those bad old days.
Five weeks ago, auditors revealed that when it came to finances, Grambling had again walked on the wild side. A report for the fiscal year ending June 30, 2009 showed GSU had violated two laws and lost a million bucks on the stock market with money that never should have been invested. The audit also showed that GSU had failed to ensure that $928,047 deposited in five savings accounts was adequately secured; that, too, was in violation of state law.
Auditors said that for the third consecutive year, GSU did not present an accurate annual fiscal report; in fact, so many errors were found in the university's statement of cash flows that auditors ......
link....
http://www.thenewsstar.com/article/20100801/OPINION01/8010327/1122/GSU/Clean-up-to-Pogue
Clean up to Pogue
Daarel Burnette's departure from his position as vice president for finance and administration at Grambling State University is timely and appropriate, given the disaster that unfolded on his watch.
A recently revealed state audit showed Grambling State tumbling down that same, woeful financial path it traveled in 2001, when the bottom fell out of finances. Back then, the state, unable to make heads or tails about what GSU had done with its accounting books, took the unprecedented step of scrubbing them clean and simply starting over. Unbelievable, it seemed. More unbelievable: GSU finances seem to be slouching toward those bad old days.
Five weeks ago, auditors revealed that when it came to finances, Grambling had again walked on the wild side. A report for the fiscal year ending June 30, 2009 showed GSU had violated two laws and lost a million bucks on the stock market with money that never should have been invested. The audit also showed that GSU had failed to ensure that $928,047 deposited in five savings accounts was adequately secured; that, too, was in violation of state law.
Auditors said that for the third consecutive year, GSU did not present an accurate annual fiscal report; in fact, so many errors were found in the university's statement of cash flows that auditors ......
link....
http://www.thenewsstar.com/article/20100801/OPINION01/8010327/1122/GSU/Clean-up-to-Pogue
