*From the point of view of a full professor
at the College of Business at the University of Southern Mississippi*
Shelby F. Thames, President,
University of Southern Mississippi
Our core mission reflects taking PRIDE in all we do - Professionalism, Respect, Integrity, Discipline, Excellence
In an apparent effort to deflect some of the questions surrounding the USM Foundaton and its use of funds, there has been some indication that it has been audited by KPMG. Some may believe that an audit should resolve our concerns. Doesn't an audit provide assurance that the records are accurate and correctly reported? Before you conclude that an audit would resolve your questions ask yourself, what does an audit report really mean? Do audits report on the efficiency or effectiveness of management or on the accuracy of the numbers contained in financial statements. The short answer is "no." Consider a couple of examples. The longer answer is caveat emptor or buyer beware. Let's look at what an audit report actually says and what an audit really means. Also, consider the recent legal problems of KPMG.
D. Harold Doty, Dean, College of Business Administration
"If the donor wishes to make a perpetual gift to a designated college or area, an endowment may be established to ensure awards will come from the interest earnings generated by the donation."
I wanted to make a perpetual gift, so I endowed a scholarship. I wanted to "ensure awards" would be made from the interest earnings generated by the donation. Boy was I wrong. For three years scholarships were awarded from the endowment. After that I was only told that there was no money for a scholarship.
What happened to the money? To date, I don't know and the University and its Foundation have not provided any information. What I do know is Dean Doty has told us about his "fun money", his "booze account," with which he can do "pretty much anything [he] wants." That is why I have brought a law suit against USM. A copy of the complaint is attached.
Chauncey M. DePree, Jr., DBA