$140,000 worth of "healing"

Date: May 13, 2004

$140,000 worth of "healing"

Date: May 13, 2004

quote:
Originally posted by: USM Sympathizer
"Perhaps someone on the PUC could tell President Thames that a great way to make an effort toward the "healing" process would be to use the now-free $140K to revive the lecture series (thus achieving the added bonus of making it difficult to hire a new "risk manager." What the heck is a "risk manager" anyway?)."

This is a neat idea!

Date: May 13, 2004

Gotta bump this one up...great idea!

Date: May 13, 2004

Hey, Fac Sen could include this in their mission, goals, whatever statement!

Date: May 13, 2004

I bet that with SFT's demonstrated arrogance and outlandish ego, he has probably mis-appropriated far more than a mere $140,000 in his career, or heck, perhaps even since he became Head Cracker. Get after the money. Who is willing to talk? Where is that missing $9 million from the USM Foundation?

Date: May 13, 2004

Sorry, I seemed to have missed something. What missing 9 million?

Date: May 13, 2004

There are reliable rumors that not long ago the USM Foundation wrote off a total of $9 million from the still-unfinished capital campaign due to "accounting irregularities" meaning they could not account for it. I think it was embezzled or otherwise mis-appropriated and I am sure it was done on order of Head Cracker. Question is, how to substantiate it. Have you noted that in the past 6 months, any criticism of or hint at financial irregularities caused theh Cracker Admin to totally shut down, or rather clamp down? I tell you, this is where they have scr-wed up in the worst way.

Date: May 13, 2004

If nothing else, it would seem a good idea for the Faculty Senate to urge that the position of Risk Manager be abolished and the money saved. This proposal (especially the idea of saving the money) should go over well with the public, since most people have a hard time understanding why an entity that already has an official lawyer plus the advice of the state attorney general's office needs a "risk manager" in the first place. Sounds like just another place for a crony. By the way, what is the prospect that SFT is likely to fill the vacancy anytime soon, and, if he does, who is likely to be the next occupant of the office?

Date: May 14, 2004

quote:
Originally posted by: Beemerphile
"There are reliable rumors that not long ago the USM Foundation wrote off a total of $9 million from the still-unfinished capital campaign due to "accounting irregularities" meaning they could not account for it. I think it was embezzled or otherwise mis-appropriated and I am sure it was done on order of Head Cracker. Question is, how to substantiate it. Have you noted that in the past 6 months, any criticism of or hint at financial irregularities caused theh Cracker Admin to totally shut down, or rather clamp down? I tell you, this is where they have scr-wed up in the worst way."

There are detailed paper trails of what money flows through the foundation, and there a lot of people who look at these numbers regularly, particularly the foundation board.

If there is something wrong, it would show up, if someone took the time to look. If there is nothing wrong, that could be proven as well.

Date: May 14, 2004

The $9 mil that was written off by the Foundation could have been pie in the sky--hints of promises of pledges that didn't materialize--instead of money on hand that was misappropriated.

But this is one reason why Phil Bryant needs to send an auditing squad.

The proposal to abolish the position called Director of Risk Management and replace it with soemthing constructive is perfect. I hope the Faculty Senators who read this board run with it.

Robert Campbell

Date: May 14, 2004

quote:
Originally posted by: BogusBoy
""

I'm not so sure money in the foundation is traceable any longer. I know of two departments who have directed funds managed by the Foundation who have been trying to figure out how much their interest disbursement from those funds will be in the next year. The Foundation has been putting them off for at least four months saying they are looking into how much money is in those funds. The Foundation initially reported that those funds had a much lower principal balance than they ever had. Now, the stock market has not been kind since 2000, but how do funds lose significant amounts of principal, as opposed to just interest? Either severe mismanagement or something fishy goin' on. Meanwhile, the departments continue to wait to find out how much money is in their Foundation accounts. You bet we need an audit, and quick.

Date: May 14, 2004

I understand that the President hires his own administrative "team", and that they serve at his pleasure, but is it also the case that he can just wake up in the morning and decide to create a $140K per annum Risk Manager position de novo (and a redundant position at that) without clearance from some governing body, i.e., the IHL? I find this mind boggling, especially given the cash-strapped condition of the university, and the meager faculty raises that were meted out earlier.

I'm admittedly ignorant of the administrative machinations at USM, but in Texas this simply couldn't happen. A Board of Regents would have to sign off on such a move, and would require need justification before giving approval.

Date: May 14, 2004

quote:
Originally posted by: Angeline
"I'm not so sure money in the foundation is traceable any longer. I know of two departments who have directed funds managed by the Foundation who have been trying to figure out how much their interest disbursement from those funds will be in the next year. The Foundation has been putting them off for at least four months saying they are looking into how much money is in those funds. The Foundation initially reported that those funds had a much lower principal balance than they ever had. Now, the stock market has not been kind since 2000, but how do funds lose significant amounts of principal, as opposed to just interest? Either severe mismanagement or something fishy goin' on. Meanwhile, the departments continue to wait to find out how much money is in their Foundation accounts. You bet we need an audit, and quick."

I see what you are saying, and Robert is indeed right about how much of what is touted as "contributions" are often promises or pledges - things that would only pay off sometime later, if at all. Great points.

It seems as though the personnel at the foundation have lately been passing through a revolving door, and if everything was on the up-and-up, that might be one legitimate reason for delay. However, it would be interesting to see a groundswell of departments asking for the detailed information they need, and see how this growing thorn gets treated.

I think that an investigative look at who is on the foundation board would be in order, to see if there are individuals there who would be inclined to spur action, to obtain the audit, or to otherwise bring things to light.

Date: May 14, 2004

quote:
Originally posted by: Austin Eagle
"I understand that the President hires his own administrative "team", and that they serve at his pleasure, but is it also the case that he can just wake up in the morning and decide to create a $140K per annum Risk Manager position de novo (and a redundant position at that) without clearance from some governing body, i.e., the IHL? I find this mind boggling, especially given the cash-strapped condition of the university, and the meager faculty raises that were meted out earlier. I'm admittedly ignorant of the administrative machinations at USM, but in Texas this simply couldn't happen. A Board of Regents would have to sign off on such a move, and would require need justification before giving approval."

It is my understanding that the IHL did approve the risk manager position. Hard to believe, but not really when you listen to Roy Klumb's inept self for 2 seconds.

Date: May 14, 2004

More bumping up for a good cause...and information you can use if you are writing letters to the editors of local newspapers...hold Shelboo accountable for that $140K!