State audit blasts University of New Mexico athletics over mismanagement of funds
ALBUQUERQUE — An extensive report issued by the state auditor on Friday confirmed what has long been suspected about The University of New Mexico’s Athletics Department: The financial problems are worse than expected.
The special audit revealed extensive mismanagement of public and private funds, a glaring lack of accountability within the athletics department and the school’s various fundraising entities, and a confusing array of internal policies that led to years’ worth of financial missteps and perks to employees and donors.
UNM has agreed with the 10 key recommendations in the audit, which range from stronger enforcement of contracts for suites in The Pit to a restructuring of duties within the athletics department and its fundraising organizations like the Lobo Club, the UNM Foundation, the Alumni Association and the various booster clubs.
It also addressed the overpayment of $185,000 to three unnamed coaches and the shortfall in accounting practices with Lobo Sports Properties LLC.
Read more: http://www.santafenewmexican.com/news/local_news/state-audit-blasts-unm-athletics-over-mismanagement-of-funds/article_69ca69ab-180f-54df-aa80-47f3c43bc301.html
= new reply since forum marked as read
