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An internal audit released Tuesday by Illinois's College of DuPage found the community college invested far more in an investment pool than college policy allowed, and that this decision resulted in a loss of $2.2 million, The Chicago Tribune reported. College policies barred investing more than 5 percent of the college's money in local government funds, but DuPage officials placed 29 percent of its money in such a fund, without authorization to violate the college's policies. When that fund revealed that it had been defrauded, losing much of its investors' money, DuPage lost $2.2 million. Had the college followed its policies, it would have lost less than $400,000. Two finance officials from the university have been placed on administrative leave pending the final results of an ongoing investigation.
"These actions are utterly unacceptable," said the college's acting interim president, Joseph Collins, in a news release. "We are taking steps now to ensure this breach of trust with the taxpayer never happens again. We are addressing each of the auditor's recommendations…. In the meantime, we must continue to focus on doing our best work to serve our students and the region."
The audit is just one of a number of problems the college has been dealing with in the last year and a half. The Chicago Tribune reported that the audit was available to top administrators months ago, but was suppressed. The report resurfaced after a new Board of Trustees majority took over and President Robert Breuder was placed on leave.
