Ohio AG Confirms Right of Auditor to Examine the Books at University Foundations
The auditor of state has the power to look over the books of college and university foundations, according to Ohio’s attorney general. Statehouse correspondent Karen Kasler reports that opinion comes over the objections of three universities.
Youngstown State, Kent State University and the University of Toledo had said they didn’t feel Auditor Dave Yost had the authority to conduct financial audits of their foundations, which raise millions of dollars mostly from private donors and corporations. Yost says he’s glad Attorney General Mike DeWine has confirmed that he does have that power.
“I don’t know that there’s any problem with any of them. What there is, though, is the potential for a problem. Money can move back and forth between the university and its foundations.”
The AG’s opinion could still be challenged by the universities, but Yost says he’s hopeful the opinion resolves the issue.