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
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