Board member Sandra Ray said she was equally shocked to learn she was listed as a foundation officer in 2006.
She said she never saw any minutes or any financial records from the foundation.
This raises a number of questions that must be answered. Chief among them: How did the system's foundation raise money and what was it spent for? This is especially intriguing considering how money came and went in the college foundations.
Tax records show at least some of the money went for scholarships at two-year schools, but some went for scholarships at four-year colleges, too. What's up with that?
Byrne broke the news about the system foundation at the same time he told the board he would soon be asking for approval for new rules to govern these kinds of private entities at colleges.
If board members had any doubt that rules and more oversight are needed, they shouldn't now.
Clear rules are needed about how foundations can raise money and what they can spend it on. In addition, since the foundations are private and fall outside the normal state auditing channels, the two-year college system must devise a way to monitor and report foundation expenses.
Anything less is an invitation for the kinds of abuse we've seen far too much of already.
- Associated Press
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