The gamecock. (Columbia, S.C.) 1908-2006, March 07, 1983, Page 4, Image 4
Auditor's findings re
Movietom
From Staff and Wire Reports
An agreement between USC and the
USC Educational Foundation
regarding the Movietonews newsreel
collection has "unfairly" cost the
siaie more man $320,000, according to
State Auditor Edgar Vaughn.
The audit report stated, "The
significance of these expenditures is
that the university does not own the
collection. The USC Educational
Foundation is the actual owner."
The USC Educational Foundation is
a chartered corporation that exists to
further USC's aims. The foundation
includes USC President James
Holderman, university faculty, USC
board of trustees members and people
outside USC.
The foundation supports 1,000
student scholarships, faculty chair
professorships and related activities
that benefit USC. In 1981-82 the
foundation's support to USC was
nearly $2 million.
THE AUDITOR'S findings are from
a just-completed state audit of the
universitv for fisral vpar iqri
Under a contract with the foundation,
USC spent at least $323,652 in
state funds to support the
Movietonews collection during 1979-80
and 1981-82, plus other overhead costs
that "are not indentifiable," the
report states.
A $14,000 bill for a party held in
The last
publishec
will res
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jws costs ur
Washington to present the collection
to the S.C. congressional delegation
was also included in the identifiable
costs.
Thp rf?nnrt eiiiH an adi"fuimont
between USC and the foundation
obligates the university to bear the
entire cost of operation and maintenance
of the collection, while the
foundation receives all revenues from
any commercial applications of the
collection.
"The end result of this agreement is
to place the obligation for operational
expenses on state-appropriated funds,
while the foundation receives the
benefit of all revenues," the audit
report stated.
THE REPORT concluded that *ie
university foundation arrangen <;nt
"was unfair to the university and
ultimately to the state" and calls for a
review of the contract by the attorney
general's office.
The auditor suggested "a new
agreement be drafted" that either
permits the university to retain all
revenues from the collection and
remit them to the state or requires
that USC be reimbursed by the
foundation for all costs involved.
Hans Knoop, director of USC Information
Services, said he had no
comment. He said he didn't know
when the university will release any
information concerning the audit.
Pete Denton, USC systems vice
Gamecock before spring brei
I Wednesday, March 9. The C
lime its normal publication sc
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if air to state
president for fiscal affairs, said, "The
university felt there was nothing
alarming or explosi ve about the audit.
A JI"
mi y uuierence concerning the
university can be worked out."
The board of trustees will review
the audit in detail and any action
taken by the university will be
decided then.
JIM JACKSON, director of
newsfilm libraries, said, "I haven't
seen the audit, but as far as I know
any problems have already been
rectified."
Jackson said he sees no problems
arising from the audit. "This is
something for the USC legal and
financial department to work out with
the state auditor."
The university audit was released
shortly after a Legislative Audit
Council report was released Wednesday.
The council's report said some state
agencies and colleges are breaking
the law by diverting public money and
employees to help their associated
nriu?110 on^miiinnnti'
c- . ?vuuvniutiiio i aiac money.
The report said the endowments
pose a problem in terms of accountability
because state auditors
are not allowed to examine the books
of private endowments, which are
legally separate from the agencies
they underwrite.
USC has four associated foundations
whose assets totaled $12
million in 1981.
ik will be
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