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U of A Transferring Funds to Deal with Deficit

FAYETTEVILLE, AR - The University of Arkansas is transferring funds to deal with a multi-million dollar deficit in the Division of University Advancement.
FAYETTEVILLE, AR - The University of Arkansas is transferring funds from its public reserve funds to deal with a multi-million dollar budget shortfall.

The move comes after a deficit of several millions of dollars was discovered in the budgets for the Division of University Advancement.
 
The University of Arkansas has released the results of an audit looking into the budgets of the Division of University Advancement.

The report showed the financial records had a deficit cash balance of $2.14 million for 2011 and $4.19 million for 2012.  It also found account receivable posts made by the the division "partially obscured the deficits in the financial statements.  And while revenues for the division stayed relatively constant" for both years, spending increased from $7.94 million to $13.23 million which the report claims resulted in an "overall decline in the combined Advancement and Foundation cash balance."

The audit results concluded that the vice chancellor for the Advancement Division "did not exercise proper fiscal oversight" and "did not comply with the University policies and procedures."

Back in February, Brad Choate stepped down as Vice Chancellor for University Advancement after a three million dollar shortfall in the division's budget. Razorback Foundation Executive Director, Chris Wyrick took over as Vice Chancellor for University Advancement replaced him.

The position oversees University fundraising, communication and alumni offices as well as special events.
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