Office holds college's missing $275,000

After an internal audit at the Univeristy of South Florida found that the school had "lax financial controls", the missing money was found. Sort of. $133,647 worth of checks were found scattered in an office, along with an undisclosed sum of cash. The money was found underneath office machines and even books. However, since most of the checks were up to 10 years old, they can no longer be cashed.

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This is one of the more bizarre cases I've read about lately. Its one thing when an audit reveals that the secretary has been secretly financing her gambling habit with the schools money, but in this case they actually found it. The cash to! According to the report, 133k was found just in checks, which means the other 140+k, was found in cash? How does a room contain that much money and noone notices?

If these were tuition checks, dont you think that some parents might notice the checks going uncashed? Would this have an effect on graduated students degree validity? One department screwing up is not that surprising, but how could multiple departments mess it up this bad. It sounds like this was a room that they literally opened the door and threw in the checks and cash and walked out of.

On an amusing note, the auditor recommended "training workers to keep better financial records". I wonder if it took this auditor to open the door to that room and find the money to. This story leaves me with more questions than answers.

[edit on 15-1-2006 by spliff4020]

[edit on 15-1-2006 by spliff4020]

[edit on 15-1-2006 by spliff4020]

[edit on 14-2-2006 by DJDOHBOY]

No offense to the "no" vote, but this has some sort of conspirical slant to it. How do you have a room with 250,000 in it for 10 years and noone notices? No no no.. Something isnt right there. That, or this is the biggest comedy of errors in American univeristies history.

The conspiracy slant here may simply be in showing how people screw up without any strategic awareness whatsoever!



This is very funny. Voted yes.

I had to do a double take. I mean, theres 275 thousand dollars sitting in a room...correction...scattered all about a room. And noone noticed...FOR TEN YEARS!!! I think this could blow up huge. I wonder how many people had to cancel payments, or how many kids got a free ride. A quarter of a million dollars is alot of money. I would say that something more than "better supervision" is needed.




** on a side note. Someone voted "no" and said I need a better opening??
How so? I thought I covered it well. Any suggestions?

Amazing.

I would have been happy with a cleaning contract. Without tenure.

Well since the checks are uncashable now, I wonder if the people will forced to pay again. Its a huge mess. Do they just write it off, or do they have to start digging around finding out whos book bills actually went unpaid.

Then, theres the question of invalidating diplomas. If someones $2000 check for books went uncashed, surely they noticed. If they did nothing, can the school now recsind the diploma, on the grounds of theft?

I hear they have an incredible accounting program.



[edit on 16-1-2006 by Crakeur]

Good convo here... Just dont forget to vote on submissions though!!


As far as accounting is concerned, something is way wrong. Someone had to notice that much money missing from the coffers. Also, someone had to keep going in that room and putting money in there.

How and why this happened is beyond a mystery. Like I said, someone stealing that much money would be one thing, but to have it all there, scattered about but accounted for? Riiiight. Whats up?