Univ. of Utah to hire auditor to examine financial relationship with Huntsman foundation
SALT LAKE CITY — The University of Utah will hire an independent auditor to review the "complex financial relationship" between the university and the Huntsman Cancer Foundation ahead of negotiations over the future of the Huntsman Cancer Institute, a lawyer representing the university announced Wednesday.
Alan Sullivan, an attorney with Snell & Wilmer retained by the University of Utah to assist in the negotiations, said the audit will analyze the funds flowing into the Huntsman Cancer Institute and how the institute is using those funds.
In a conference call with reporters, Sullivan said university administrators and trustees "believe strongly that an independent financial review needs to be done that will be transparent to both sides" so that negotiations can be built on "sound, factual understanding."
The Huntsman Cancer Foundation — a nonprofit organization formed by the Huntsman family solely to support the Huntsman Cancer Institute — has renegotiated contracts with the University of Utah over the governance of the Huntsman Cancer Institute several times over the past 20 years. The foundation donates roughly between $20 million to $30 million per year to the cancer institute.