CFA Officers send open letter to Chancellor calling for immediate action on foundations

On Tuesday, the CFA’s Officers sent an open letter to Chancellor Charles Reed urging him to take ownership of the financial mismanagement taking place within CSU auxiliaries and foundations.

In its letter to the Chancellor, CFA states, “The buck must stop with you. The CSU community is asking you once again to embrace transparency and to manage our system to the highest levels of competency and ethical standards.”

To view the letter, click here

In the letter the Faculty calls on the Chancellor “take responsibility for the latest revelation of problems with CSU foundations and other auxiliaries” and to “restore public trust in the CSU by taking action to correct the problems the auditors have uncovered.” More specifically, CFA writes that it is time for the Chancellor to take the following steps:

  • Make transparent the actions you are taking to ensure that all state funds are being accounted for properly and return all public funds to public accounts immediately.
  •  Identifyhow many and which auxiliaries and foundations are known to have problems and how much money is involved.
  • Fix the policies and practices that allow these problems to happen, in an open manner that will restore public confidence in the CSU administration.
  • Drop your opposition to SB 330 and support the transparency it would bring to the CSU.
  • Immediately stop campaigning in the legislature to change the law that requires regular external financial audits of the CSU campuses.