Posted: Friday, September 21st 2012 at 9:53am
Ga. Perimeter audit shows college ignored financial trouble
By The Associated Press
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.
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