The IHL. It's the entity that's responsible for project approval and auditing, so it seems they dropped the ball somewhere along the way since the last annual audit.
It's almost impossible to lose that much money in one year.
Here is the full statement from JSU:
Jackson State University is aware of financial issues as they currently stand. The university has taken the necessary steps to restore cash reserves. These measures include:
- Unfilled Education and General-funded positions across the university will remain vacant;
- Purchasing and travel will be limited to critical and justifiable needs;
- Any and all excess revenue will be held in reserve; and
- Facility Management will begin retrofitting the residence halls with energy conservation lighting.
Based on projections from the first quarter, with these measures in place, we will add $10 million in cash reserves by the end of the fiscal year.
It is important to emphasize that the news release from IHL applies to the university’s cash reserves – its savings account. This in no way affects the daily operating budget of the university. At no time, past or present, has the university been under any threat of insolvency. We will continue to meet our obligations including payroll, scholarships and operating expenses.
Our priorities remain taking care of our students, faculty and staff and providing a world-class education expected from a major research institution.