Post by Logan on Jan 31, 2016 20:00:51 GMT -6
Several Suffolk University Trustees are charging that embattled president Margaret McKenna, who is fighting to save her job, has spent millions without the board’s approval, turning the Boston institution’s balance sheet from black to red.
McKenna spent $3 million without authorization from the Board of Trustees, said board chairman Andrew Meyer, who added that the board has been looking into the university’s finances for several months.
“The budget for the past six years ... has kept us well in the black, significantly in the black, and with a significant surplus to allow us to stay balanced, cover the bills and do the things we have to do to run the institution,” Meyer said. “This year, it became apparent to us that there was a change in that and we became deeply concerned and that triggered our investigation and conversation, which resulted in what’s going on today.”
Bill Hogan, chair of the board’s finance committee, said McKenna authorized $1.7 million to lease back the just-sold Archer and Donahue Buildings, another $500,000 in moving expenses, and $640,000 on advertising with The Boston Globe, all without notifying or receiving approval from the board. Hogan called the moves “not tolerable.”
Read more: www.bostonherald.com/news/local_coverage/2016/01/suffolk_trustees_president_spent_millions_without_board_ok
McKenna spent $3 million without authorization from the Board of Trustees, said board chairman Andrew Meyer, who added that the board has been looking into the university’s finances for several months.
“The budget for the past six years ... has kept us well in the black, significantly in the black, and with a significant surplus to allow us to stay balanced, cover the bills and do the things we have to do to run the institution,” Meyer said. “This year, it became apparent to us that there was a change in that and we became deeply concerned and that triggered our investigation and conversation, which resulted in what’s going on today.”
Bill Hogan, chair of the board’s finance committee, said McKenna authorized $1.7 million to lease back the just-sold Archer and Donahue Buildings, another $500,000 in moving expenses, and $640,000 on advertising with The Boston Globe, all without notifying or receiving approval from the board. Hogan called the moves “not tolerable.”
Read more: www.bostonherald.com/news/local_coverage/2016/01/suffolk_trustees_president_spent_millions_without_board_ok