I’m not exactly shocked. Hiding the reserves from the legislature is, of course, Job #1 for any public university’s VP for Finance. If the university is unionized, they also have to hide the money from the unions and the AAUP’s forensic accountant Howard Bunsis.
Thanks to an anonymous reader for forwarding the latest exemplar, from the SacBee:
The California State University stashed away $1.5 billion in discretionary reserves while raising tuition and lobbying the Legislature for more funds, according to a report released Thursday by California State Auditor Elaine Howle.
CSU put the money, which came primarily from student tuition, in outside accounts rather than in the state Treasury, the report said.
The investigation mirrors Howle’s 2017 report on the University of California Chancellor’s Office, which charged that top UC brass kept a $175 million slush fund while hiking students’ tuition.
… The CSU Employees Union, which had asked Quirk-Silva to request the audit, noted that CSU had threatened to increase tuition in 2018 if it did not receive additional state funding. At the same time, the CSU Board of Trustees increased pay for the top administrators, including those in the Chancellor’s Office and CSU president, said union legislative director David Balla-Hawkins.