By Andra Bryan Stefanoni
news@joplinglobe.com
PITTSBURG, Kan. — Officials say there’s nothing to worry about when it comes to the financial dealings of the Pittsburg State University Foundation during former President Tom Bryant’s administration.
On Thursday afternoon, the Kansas Board of Regents announced that a review conducted by independent auditors revealed no material findings. The review was conducted at the board’s request after Bryant announced he would be retiring from the presidency June 30.
The PSU review, conducted by Diehl, Banwart, Bolton, CPAs P.A., and paid for by the PSU Foundation, said that Bryant’s administration had used and administered accounts appropriately. The transactions analyzed were related to certain accounts of the PSU Foundation, a private non-state entity.
According to a release by the regents that announced findings, the accounts reviewed were chosen because of Bryant’s access to and authority over them as PSU’s president. The report found “no material findings,” and offered only three comments/recommendations for future consideration.
Similar reviews were conducted recently at the University of Kansas and Kansas State University because of changes in leadership at those institutions. Those audits also revealed no material findings.
New PSU President Steve Scott said the university is fortunate to have a foundation dedicated to supporting the university and its students as well as being good stewards of the gifts it receives.
“The PSU Foundation Trustees take their responsibilities seriously,” Scott said after the announcement Thursday. “The positive audit report is a reflection of that dedication.”
Rick Hines, president of Pittsburg State University Foundation Inc., said, “This special audit has confirmed that our internal control and management practices are solid and serving the university, the foundation and the organization’s many donors very well.”
Vicki Dennett, chairwoman of the PSU Foundation’s Audit Committee, said the foundation has conducted its own audit each year for many years and those audits have been completely clean.
“Based on past audit history,” Dennett said, “we were confident that this special audit would uncover no material issues. We understand why the Board of Regents requested the audit, but we were confident in our internal control procedures and how we manage private gifts. We are pleased with the good results of this special audit. It supports what our previous audits have found.”
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Regents note audit of PSU Foundation reveals no problems
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