| By SARAH CROWLEY
SUNY officials failed to provideadequate financial oversight of the system’s 30 campus foundations –– whose combined assets total more than $2.1 billion –– state watchdogs concluded in a report released Tuesday by New York Comptroller Tom DiNapoli.
The report details a number of questionable expenditures at the UB Foundation in particular, including salaries paid to individuals also earning a state salary and contract awards handed out without competitive bidding.
Among the comptroller’s findings: SUNY has not audited 16 of the 30 campus foundations –– private, nonprofit entities that control fundraising, property management and other capital investments for the universities –– in at least a decade.
The report also found UBF, the largest campus foundation in the SUNY system with more than $1 billion in assets, was one of 10 SUNY foundations operating without an active contract. read more >>