We have often written of what levels of misdirection in accounting are enabled by leadership’s array of foundations, which take off the state books a lot of the things which are associated which perqs of being in charge. Unrestricted travel? Parties? Booze? President’s mansions? No problem. Of course, campus leaders don’t quite characterize such accounts this way – but the misdirection is well understood by all the locals.
Previously we referred to these as ‘off shore’ accounts, but it turns out that was not just flip – it was real. The Sun reports on the University of Maryland Foundation’s accounts in the British Virgin Islands and Cayman Islands.