The Commonwealth Times; January 29, 2018

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BEST SMALL, NON-DAILY —2017 Virginia Press Association The independent press of Virginia Commonwealth University

NEWS Professorship• 3

January 29, 2018• Vol. 59, No. 2

NEWS Student protests • 3 SPORTS Raphael Andrade Santos• 7

SPORTS Sanders signs • 6

SPECTRUM Islam Awareness Week • 8 SPECTRUM KI show• 7

OPINIONS Lectures• 9 PHOTO BY ERIN EDGERTON

MAD MONEY Obtained records reveal how a VCU department mismanaged its multi-million dollar fund Auxiliary Fund Balance Fiscal Year 2017

Beginning fund balance (July 1, 2016) $5,751,879 Revenues $18,565,079 Expenses ($10,749,852) Capital projects and debt service ($7,685,979) Ending fund balance (June 30, 2017) $5,881,127 Actual Change in fund balance $ 129,248 Budgeted change in fund balance $ 4,135,993 Information courtesy of Parking and Transportation final report

DAKOTA RUST Contributing Writer

ILL US TR AT

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AI -P HU ON

After a review, VCU’s board of visitors concluded the Parking and Transportation department is not financially self-sufficient and fell some $4 million short of its anticipated margin, according to documents made public via a Freedom of Information Act request. Audit and Compliance Services began a review of the department in April of last year, to determine if their budgeting process was effective. The final report determined P&T did not have “effective fiscal management processes for its operations.” “Assurance services comes around and conducts audits to ensure things are being done properly to ensure that state resources are being used appropriately and wisely,” said VCU Police Chief

G BU I

John Venuti. “Audits are good things here at VCU.” P&T’s auxiliary fund balance for the 2017 fiscal year indicated it brought in more than $18 million that year. Approximately $10 million of those funds covered expenses, while about $7 million went to capital projects and debt service. The department started the 2017 fiscal year with $5.75 million and ended with $5.88 million –resulting in a $129,248 difference. Short of the more than $4 million margins P&T originally expected. P&T Director Clayton Harrington said while the audit shows a difference in expected profit and what the department actually made, it does not signify that money went missing. continued on page 3

SARAROSE MARTIN News Editor

Pres. Michael Rao reiterated VCU’s commitment to diversity and research, and the university’s future in his annual State of the University Address Thursday. Rao focused on the university’s responsibility to serve the public good. VCU has an annual economic impact of $6 billion, greater than any university in the state, he said, and the university supports more than $275 million in research and creative activity. In a few months, VCU will launch Quest 2025: Together We Transform, building on the university’s current strategic plan. Rao cited the strategic plan’s achievements, including a higher graduation rate than ever before. Rao said the university now grants 50 percent more degrees than when Quest was introduced in 2011. VCU has also been recognized nationally for graduat-

ing underrepresented minorities in more than 135 academic programs. Rao said Black and Latinx students at VCU, especially women, graduate at higher rates than the overall population. Thus, the university has reached parity in the graduation rates among students of all races. “VCU and our public peers have long catalyzed the nation’s technological innovations, democratic vitality, and the promise of opportunity for each new generation,” Rao said. “Our legacy is America’s Dream.” Rao reiterated the university’s commitment to serving a public good following a decline in graduate’s positive feelings towards their investment in higher education. Nearly every state has cut funding for their public universities by more than a quarter in the last decade, on average, Rao said. The national cost of tuition rose faster than three times faster inflation. continued on page 3

PHOTO BY ERIN EDGERTON

VCU President vows to foster social impact in annual address

Men’s basketball defeated SLU 75-74 in overtime Tuesday night before downing GMU 84-76 Saturday afternoon.

“You can either pack it in or keep fighting” Rhoades, Rams show resilience ZACH JOACHIM Sports Editor Men’s basketball won a pair of pivotal conference road games last week to improve to 14-8 on the season, 6-3 in A-10 play. The Black and Gold downed Saint Louis

University 75-74 in overtime Tuesday night before handling George Mason University 84-76 Saturday afternoon in Fairfax. GEORGE George MASON Mason An 84-76 final scoreline does

not represent the dominance displayed by VCU against the Patriots of GMU Saturday. The Black and Gold led by as many as 17 in an affair that only featured two lead changes early in the first half. “It was a good road win,” Rhoades said. “We let them get

loose a little at the end there, but I thought we did a good job overall of making these guys make some tough plays.” continued on page 4


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