Report: Much of UW 2012 reserves committed

Posted: Friday, November 15, 2013 --- 7:23 p.m.

MADISON, Wis. (AP) -- A new report says a large chunk of the University of Wisconsin System's 2012 reserves were committed to specific purposes.

The Legislative Audit Bureau report examined the purposes for $755.4 million of the $1.04 billion the system had on hand at the end of June 2012. The report found about 60 percent of the money was being held for documented uses.

But system officials didn't provide any documents showing uses for $142.2 million. They also didn't have documents on uses for $118.5 million, although that money came from sources that require specific uses. The report said wasn't clear why documents weren't provided.

UW officials have come under intense scrutiny over the last six months after news broke that they have built massive reserves while raising tuition.

Copyright 2013: Associated Press

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
NBC15 615 Forward Drive Madison, Wisconsin 53711 Business: 608-274-1515 Newsroom: 608-274-1500
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 232140761 -
Gray Television, Inc.