The University of Arkansas at Fayetteville has reassigned its vice chancellor for advancement, Brad Choate, and his budget officer after it was determined the Division of Advancement had a “significant budget imbalance,” Chancellor G. David Gearhart said in a message issued Monday morning.
A review found the office had a $3.1 million shortfall for the fiscal year ending June 30, 2012, but that the funds were properly used.
“The review determined flaws in the division’s budget management process at the senior level,” Gearhart said. “Those with ultimate budget oversight did not follow campus policies and inadequately monitored finances.”
The division, which had beefed up staff for a forthcoming capital campaign, covered the shortfall by “using anticipated investment revenues to meet current budget obligations,” Gearhart said.
Read more in tomorrow's Arkansas Democrat-Gazette.