Originally Posted by
nthedawghouse
I see what the story in the paper says about being in the black. I'm not buying it. Current admin has never finished a year in the black. Consistently declining contributions to LTAC (remember, that account is not audited by the state, and probably not anyone else), declining ticket sales across all sports, increasing debt service to construction projects, that just doesn't add up to being in the black.
IMO a more likely scenario is that there was lots of creative bookkeeping done very quickly when the CFO left unexpectedly and the new boy struggled to figure out what was there, what was missing, or what was unaccounted for. If, in fact, the year-end did finish in the black there was a major gift to prevent another year in the red thereby continuing to protect a certain administrator.