Report says state-owned universities mismanaged budgets

Tim Goral's picture
Wednesday, December 4, 2013

The State System of Higher Education has been allowing the state-owned universities to mismanage their budgets by hiding debt in affiliated corporations, funding new construction based on questionable assumptions and misleading the public about their financial difficulties, says a 165-page report released by the State System of Higher Education's faculty union on Tuesday afternoon.

The Association of Pennsylvania State College and University Faculties commissioned Boyer & Ritter, a Harrisburg-area accounting firm, to study the finances of the seven universities that recently announced faculty layoffs.

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