Yesterday, State Auditor Les Merritt released the findings of an investigation audit into allegations of fiscal mismanagement and the absence of a governing board in regards to the UNC-Chapel Hill’s School of Education Foundation.
In reading the report, one finds that the School of Education Foundation has not had an active board of directors or an annual meeting since 1995. To put that in perspective for you, I was still attending Shady Spring High School in Shady Spring, W.Va. the last time the foundation held an annual meeting.
That’s insane. Any foundation regardless if it is raising money for a scholarship fund or a School of Education has a responsibility to its donors to make sure there is an accountability function to review transactions and the foundation’s functions. Without the accountability, the foundation loses credibility with its donors.
