Is this parody of a university actually parodying a parody? Are they aware of Dana Carvey’s famous wouldn’t be prudent at this juncture parody of George Herbert Walker Bush? Having been forced by a lawsuit to release the most recent auditor’s report of their crime-ridden money pit, UL says this:
Settling the lawsuit at this juncture is the prudent course of action for the University.
Much as UD would love it if university spokesperson Mark Hebert turned out to be doing a conscious parody of a parody, she figures he’s simply unaware that the hilarious formulation he’s chosen with which to cover his school’s ass has already been made notorious.
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How do you leach millions from a university?
Gotta get you a bank account.
As part of its examination, [the auditor] tried to determine how many bank accounts existed in the name of University of Louisville, University of Louisville Physicians or any derivative. The firm requested information from all banks in a 50-mile radius. The university provided a list of 11 authorized accounts at PNC Bank, as well as one account in the name of the University of Louisville Athletic Association.
The firm ultimately found more than 20 additional bank accounts linked in some manner to U of L. They include accounts for the German Club, the U of L Sports Administration Club, U of L Parking, and more.
[The firm] also learned of several accounts linked to University Medical Associates, the previous incarnation of University of Louisville Physicians. However, Fifth Third Bank told [auditors] that they were unaware of any accounts in the name of the university.
The auditing firm later found additional accounts linked to previous entities tied to University of Louisville Physicians, according to the report.
May 13th, 2015 at 11:46AM
Wouldn’t be surprised if the same report could be written about many universities, including GW. For example, a lot of those bank accounts are clearly student organizations. At one time, that’s how most student orgs handled dues, T-shirt sales, etc. Even though most universities now require them to participate in centralized accounts run through the university, a lot of legacy accounts that were never closed exist. I get called every year about the bank account for a university Phi Beta Kappa chapter, despite the fact that I haven’t been an officer for 15 years. I’m apparently still listed on the accounts card. With student club transitions, old officers often failed to communicate info to new officers. And then the bank can’t find the people to update the account, because they graduated and are miles away.
So, there’s a lot of trivial info in a report like that…but also lots of loose financial oversight that a cagey person could easily exploit.
May 13th, 2015 at 1:13PM
anon: Those details are intriguing. They help one see how the laxness and vagueness of university organizations can be exploited.
May 15th, 2015 at 9:13AM
@anon–yes, exactly the same thing here. Student clubs/groups were not allowed until very recently here to have university accounts, so they opened accounts at the nearby banks. The officers sometimes forgot to tell their successors about the accounts (which usually had less than $100 in them by the end of the year), and so yet another account would be opened. It still may be a good idea for clubs that actually have a substantial amount of money at the end of the year to have a separate bank account, since all the money left in operating accounts of this type is seized at the end of the fiscal year.