State Comptroller Tom DiNapoli says 30 SUNY Campuses are affiliated with private, not-for-profit corporations that support fundraising and other functions.
The Comptroller’s office audited the funds, which totaled $2.1 Billion, although most of the money is with two of the large university centers.
The Cortland College Foundation was valued at about $39.7-million at the time of the Comptroller’s review.
It’s last audit was 10-years ago, according to the Comptroller’s report, and its contract with SUNY Cortland expired in November 2016.
The Comptroller notes that many of the foundations were reluctant to provide information to auditors.
Questionable expenses were uncovered with several foundations, and we don’t know if Cortland was singled out.
College spokesperson Fred Pierce, in a written statement to X101, says there is now an “interim contract with the Foundation that expires in November, when a new contract will take its place.
The SUNY Chancellor has 90-days to respond.