The Star Ledger’s Margolin and Sherman stab another knife into Rutgers’ leadership with this expose, Rutgers’ fiscal practices were critiqued in internal audit.
They write: “Months before revelations of hidden deals and no-bid contracts sparked two investigations, Rutgers University auditors were warning that no one was watching the money flooding into the school’s athletic department.
A confidential internal audit issued nearly six months ago criticized the department’s fiscal controls — including hundreds of thousands of dollars in off-the-books spending that never appeared in the Rutgers budget.”
Even internal auditors apparently could smell the stench of Schianogate — the profligate spending, the lack of transparency, the secret stashes of cash, the utter indifference to public opinion. But their report was ignored.
Margolin and Sherman go on: Auditors found the athletic department subsidized the travel costs of boosters and other VIPs who accompanied the Scarlet Knights on charter flights to post-season bowl games the past three years, at a time when the university was hiking tuition and cutting academic budgets. It also discovered that the department understated its expenses for those games in reports to the administration and concluded the athletic department lacked the ability to collect and reliably report critical financial information “to the president, CFO, the board and the public.”
So, Mulcahy III lied about the expenses he incurred (how many times have we said that before?) and now we learn that at the very time students are getting socked with ever higher tuition and fees for a diminishing education, Mulcahy III did not hesitate in showering his “VIPs” (Three Ring Codey, is that you?) with freebies, perks and more.
Read the full expose here.
The AP, meantime, has piled on, with its story, Report: Auditors warned of Rutgers Athletics Troubles. The AP lead is this: “Rutgers University auditors warned of financial troubles at the school’s athletics department, months before revelations of possible mismanagement sparked two investigations, according to a published report.”
Literally dozens of newspapers across the country now have run with this story, bringing more shame, more disgrace to Rutgers, despite Slick McCormick’s continued chant that football will bring good things to the university.
How much more shame does Mulcahy III have to dump on Rutgers before he is terminated? Ditto for Slick McCormick.
The stench of Schianogate is turning a colonial university into a garbage heap of jockstraps.