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Post by Super on Oct 21, 2010 6:29:37 GMT -5
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Post by GuyF on Oct 21, 2010 8:30:41 GMT -5
Agree.
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Post by ghostofwillard on Oct 21, 2010 8:44:23 GMT -5
The question is how long has Iona known about this, and why isn't the person being prosecuted? Though by no means am I a large donor, I am a regular donor to the annual fund and at this time, this years contribution is on hold. This really cast a dark cloud over the college.
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Post by St. Louis Gael on Oct 21, 2010 11:59:21 GMT -5
At a minimum, Iona needs to disclose whatever new controls have been put in place.
We were the victim of employee theft in Canada. It started as very small accounting "mistakes", which were really probes on the financial controls. Then they became a little more brazen. It took us about four months to figure out what was going on, and another two months of intense auditing to reconstruct our case.
It took an additional two years to get our money back.
Iona needs to look hard at its audit firm - not so much for verifying the $'s, as for a review of adequacy of financial controls.
This is very embarrassing when it happens; but, at the end of the day, you have learned nothing if you not face it, go after restitution, and do a thorough review of financial controls. If you do not do all three, you are setting the stage for a repeat.
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Post by oldtimer on Oct 21, 2010 12:41:35 GMT -5
Not surprising, as rumors have been around for a while...
A couple of questions.....
Is the reason it was kept secret, and criminal investigation was not taken because the person or persons responsible had close ties to Iona as opposed to a general emplyee?.
Did the incident possibly have any influence over dropping Football or not accepting the Basketball tournament invite?
How can they now with out being accused of hypocritcy procecute even the smallest crime?
Just asking....
Go Gaels!!!!!!!1
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Post by ghostofwillard on Oct 21, 2010 13:00:56 GMT -5
Not surprising, as rumors have been around for a while... A couple of questions..... Is the reason it was kept secret, and criminal investigation was not taken because the person or persons responsible had close ties to Iona as opposed to a general emplyee?. Did the incident possibly have any influence over dropping Football or not accepting the Basketball tournament invite? How can they now with out being accused of hypocritcy procecute even the smallest crime? Just asking.... Go Gaels!!!!!!!1 Oldtimer: Great Question! |
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Post by Super on Oct 22, 2010 5:44:51 GMT -5
Publicity continues: www.lohud.com/article/20101022/NEWS02/10220338/Iona-s-silence-on-theft-angers-donor-alumBut one member of the college's Board of Legal Trustees and a former chairman, Patrick Lynch, defended the college's actions.
"It's not very useful to have it written about," said Lynch, who was board chairman for several years during the 2000s. "It was handled as these things get handled, in the best interests of the college and the best interests of those involved.""...best interest of those involved."--The kind of statement nobody should make. He should have stonewalled like Liguori is doing. Instead, he insults alum, students, and other donors. Someone needs to clearly indicate that controls have been instituted, based on the recommendations of a new and independent auditor. |
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Post by cpman6 on Oct 22, 2010 7:57:52 GMT -5
I want to believe that the decisions made were best for all concerned but someone has to make a definitive follow-up statement and/or answer questions to satisfy many including the alumns. "Trust but verify."
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Post by ichoops on Oct 22, 2010 8:03:02 GMT -5
What happens at Iona stays at Iona... lol
The alumni mean didly.
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Post by Mr Doom on Oct 22, 2010 8:08:45 GMT -5
It's interesting that our former PA announcer, Kevin Van Meter, decided to enter this discussion due to his discontent with prior
decisions regarding coaches. I don't see the relevance to this matter other than sour grapes.
As to this subject, now that it is public knowledge, I agree that the college must be more forthcoming. The one problem I could see was if the firing also contained a non-disclosure agreement with the former employee based upon that person's agreement to make restitution.
However, even if that is the case, that fact could still be stated without naming of names.
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Post by ghostofwillard on Oct 22, 2010 8:09:49 GMT -5
I want to believe that the decisions made were best for all concerned but someone has to make a definitive follow-up statement and/or answer questions to satisfy many including the alumns. "Trust but verify." It's hard to associate the word trust when you have a former member of the Board of Legal Trustees making statements like the one above. It only makes the stench worse, IMO. |
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Post by ichoops on Oct 22, 2010 8:24:42 GMT -5
Who took the cookie from the cookie jar and who covered? lol
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Post by GuyF on Oct 22, 2010 8:28:04 GMT -5
The bank accounts of Arrigoni, Hynes, etc, beg to differ. |
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Post by ichoops on Oct 22, 2010 8:38:41 GMT -5
The bank accounts of Arrigoni, Hynes, etc, beg to differ. They're on the Board of Trustees no? They must have agreed with the direction |
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Post by ichoops on Oct 22, 2010 8:51:21 GMT -5
It's interesting that our former PA announcer, Kevin Van Meter, decided to enter this discussion due to his discontent with prior decisions regarding coaches. I don't see the relevance to this matter other than sour grapes. As to this subject, now that it is public knowledge, I agree that the college must be more forthcoming. The one problem I could see was if the firing also contained a non-disclosure agreement with the former employee based upon that person's agreement to make restitution. However, even if that is the case, that fact could still be stated without naming of names. You make a good point. It's possible restitution was made and criminal charges would have made that difficult. |
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