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Clean audit report pleases PSU Foundation, university

September 17, 2009 12:00AM

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This special audit has confirmed that our internal control and management practices are solid and serving the university, the foundation and the organization's many donors very well. "
~ Rick Hines, president of the Pittsburg State University Foundation, Inc.
ials with the Pittsburg State University Foundation, Inc., and PSU said they were pleased, but not surprised when an audit of foundation accounts controlled by former President Tom Bryant and his subordinates revealed no material problems. The audits for Pittsburg State and the University of Kansas were reported to the Kansas Board of Regents at their regular meeting this week.

PSU President Steve Scott said the university is fortunate to have a foundation that is not only dedicated to supporting the university and its students, but also to being good stewards of the gifts it receives.

"The PSU Foundation Trustees take their responsibilities seriously," Scott said. "The positive audit report is a reflection of that dedication."

Rick Hines, president of the Pittsburg State University Foundation, Inc., said the foundation's board of trustees takes its fiduciary responsibility to manage private gifts very seriously.

"Trustees take a very active role in overseeing the receipt, investment and expenditure of private funds," Hines said. "Expenditures are reviewed carefully by staff and trustees to ensure that the funds are being spent on the students and programs each donor has specified. To do otherwise would not be in keeping with the fiduciary bond the foundation has with each of its donors. This special audit has confirmed that our internal control and management practices are solid and serving the university, the foundation and the organization's many donors very well."

Vicki Dennett, chairperson of the PSU Foundation's Audit Committee, said the foundation has conducted its own audit each year for many years and those audits have been completely clean.

"Based on past audit history," Dennett said, "we were confident that this special audit would uncover no material issues. We understand why the Board of Regents requested the audit, but we were confident in our internal control procedures and how we manage private gifts. We are pleased with the good results of this special audit. It supports what our previous audits have found."

The PSU and KU audits were requested by the Board of Regents after a similar audit at Kansas State University this summer uncovered problems with non-state accounts. Audits are also planned at Fort Hays State University, Wichita State University and Emporia State University.

---Pitt State---

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