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FUNDS WERE NOT STOLEN FROM UB FOUNDATION

The Buffalo News recently published a story that contained an erroneous statement, specifically that funds had been stolen by a former University at Buffalo employee from a University at Buffalo Foundation (UBF) account.

UB's Internal Audit unit conducted a thorough investigation of the matter and determined that no funds were disappropriated from UBF accounts -- although funds were misappropriated from an unauthorized account established by that employee at a local bank.

The University at Buffalo expends considerable resources and energy in exercising its fiduciary responsibilities for all of the funds it receives, whatever their source.

The UB Foundation accounts are audited annually by an independent auditor. The most recent audit resulted in a clean opinion letter and found no material deficiencies in UBF policies or its accounts. Furthermore, an audit committee of the UBF Board of Trustees provides active and close review of the fiscal affairs of the foundation.

UB prides itself on its fiscal accountability in managing an annual operating budget of more than $600 million. The recently reported problem with a single account, inappropriately created and used by an employee, is an unfortunate and disturbing occurrence. It is also a rare event at UB.

ROBERT J. WAGNER Senior Vice President
University at Buffalo
Buffalo

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