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Audit: College ignored signs of financial doom

ATLANTA (AP) — An audit has found that a $25 million shortfall at Georgia Perimeter College was caused by chronic overspending and an inattention to finances by administrators of the suburban Atlanta school.

The review by the University System of Georgia was released Thursday.

It found that the school's senior fiscal leaders ignored or didn't notice of warning signs the college was heading toward financial disaster.

Evidence of the school's dire financial situation was available in both school financial statements and publicly available state audits. Those reports showed the college overspending its budget and using dwindling reserves to make ends meet.

However, the review states that the school's former president didn't read the financial statements and other key officials didn't fulfill their fiscal management duties.

Georgia Perimeter is the state's third-largest public college, teaching nearly 27,000 students at sites in Alpharetta, Clarkston, Covington, Decatur and Dunwoody.

Earlier this year, Georgia Perimeter announced the layoffs of nearly 300 workers as it copes with its budget shortfall.

Comments

kevin 1 year, 7 months ago

Time to hold them accountable and to replace them with people that use calculators. In this day of "transparency," you have to wonder how it took so long for this to be exposed. And this is the 3rd largest college in the state? I have to wonder how bad it is in the top two. So who is minding the store for our tax money? No one. The State Board of Education should take some of the blame for this as well. They need to be watching reports more closely instead of going out to lunch on us.

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notblind 1 year, 6 months ago

You can bet that the top administrators got paid on time. Until there are some severe penalties for such financial malfeasance we will never get accountability for poor management.

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kevin 1 year, 5 months ago

we haven't heard another word about any firings over this. Are those same administrators still employed in that system? If so, this is all a joke on the taxpayer.

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