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ARKADELPHIA, Ark. (AP) — Officials say the Henderson State University Foundation is taking steps to improve how contributions are handled after an accounting firm uncovered errors in donor accounts.
Johnny K. Hudson, chairman of the foundation's board of directors, says the firm's review in December discovered that significant interest account allocations and distributions were incorrect. As a result, some accounts were understated while others were overstated.
Hudson says the foundation's executive director, who wasn't identified, is no longer employed. He says the foundation's board of directors has reallocated more than $610,000 in earned interest across all accounts to ensure that all funds are properly accounted for.
Hudson says the foundation has instituted a new investment policy and added a requirement that all endowed accounts have an annual report.
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