Audit Shows UCF provided illegal loans and student fees to Athletics...

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Per Greg's Blog:  http://blogs.tampabay.com/usf/

Wonder how they paid for all their fancy-shcmancy new digs?  Here's a clue:

A routine review by a state auditor has found that the University of Central Florida may have inappropriately lent its independent intercollegiate-athletics association more than $7.4-million, a practice the university has discontinued, and provided more than $49-million in student fees to the athletics association without proper oversight.

More at Greg's Blog...

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And yes, this will be moved to State of Florida board shortly =)

[flsportsfan83]

im shocked. This would never happen at UCF. They have high morals over there. I bet Kevin Smith really passed all of those classes on his own as well.  :

[nobull.Bulls]

Now they can quit complaing about Moffitt.

64-12 still stands

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http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=Ch1009/ch1009.htm

"(  The student activity and service fees shall be expended for lawful purposes to benefit the student body in general. This shall include, but shall not be limited to, student publications and grants to duly recognized student organizations, the membership of which is open to all students at the university without regard to race, sex, or religion. The fund may not benefit activities for which an admission fee is charged to students, except for student-government-association-sponsored concerts. The allocation and expenditure of the fund shall be determined by the student government association of the university, except that the president of the university may veto any line item or portion thereof within the budget when submitted by the student government association legislative body. The university president shall have 15 school days from the date of presentation of the budget to act on the allocation and expenditure recommendations, which shall be deemed approved if no action is taken within the 15 school days. If any line item or portion thereof within the budget is vetoed, the student government association legislative body shall within 15 school days make new budget recommendations for expenditure of the vetoed portion of the fund. If the university president vetoes any line item or portion thereof within the new budget revisions, the university president may reallocate by line item that vetoed portion to bond obligations guaranteed by activity and service fees. Unexpended funds and undisbursed funds remaining at the end of a fiscal year shall be carried over and remain in the student activity and service fund and be available for allocation and expenditure during the next fiscal year.

Hmm... I wonder if the Student Government approved these loans?  =)

[Joe]

ZING!

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Imagine what USF could have built if we'd have illegally pulled $50M out of Student Fees over the past 5 years?

UCF = Corrupt.

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"According to University records, during the 2006-07 fiscal year, the University collected and deposited into University accounts approximately $13 million of student athletic fees, which were subsequently transferred to the Association. Since the 2003-04

fiscal year, approximately $49 million in student athletic fees have been transferred from the University to the Association to fund its operations.

The University has no specific legal authority to transfer student fee collections to the Association.  Although Section 1009.24(9), Florida Statutes, authorizes universities to transfer athletic fees to a university direct-support organization, such transfers may only be made for the purpose of paying and securing debt on capital outlay projects approved pursuant to Section 1010.62, Florida Statutes, and in accordance with a written agreement approved by the Board of Governors. The transfers made to the Association were not for the purpose prescribed by Section 1009.24(9), Florida Statutes, and we are aware of no other statutory authority that authorizes the transfer of university athletic fees to a direct-support organization."

[RG]

karma will get you

[crambone]

Glass houses...

Kettle meeting pot...

other cliche's...