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http://www.freep.com/article/2013021...0018/1001/news
Also see:
More than $4B in unrestricted funds held by Michigan universities is for projects, not tuition cuts
http://www.freep.com/article/2013021...0110/1001/news
Please also see Michigan Business Leaders Performance Tracker
http://www.blmperformancetracker.com/
This is what comes of skimping on oversight. Pennywise and pound foolish, same as Medicare reimbursements. It is folly to trust people on the receiving end of money to "do the right thing." IMHO set up audits and reporting and keep track quarterly at least. That will cost money for the systems and people to do the work and audit the results, but probably would save many more times the amount of the costs.
"I know we keep repeating this, but it's very important: Net assets [[are) not a substitute for recurring operational revenue or spending cuts," University of Michigan spokesman Rick Fitzgerald said in an e-mail to the Free Press. "Net assets are best used for one-time expenses, like the important deferred maintenance of our facilities that we are systematically addressing."