Post by Bornthrilla on May 28, 2010 9:54:27 GMT -5
Shaw alumni group seeks trustees ouster
Friday, May 28, 2010
(Updated 10:27 am)
By The Associated Press
RALEIGH (AP) — The national alumni association of Shaw University, one of the oldest historically black colleges in the South, has called for the board of trustees to step down or be dismissed because of continuing financial problems.
The News & Observer of Raleigh reported today that the alumni association of Shaw University in Raleigh addressed its letter to the school board chairman Willie Gary, an alumnus and multimillionaire attorney whose office is based in Stuart, Fla.
Shaw's board consists of educators, business people and Baptist officials in North Carolina, Florida and New York, as well as boxer Evander Holyfield and boxing promoter Don King, Shaw's Web site says. The school is searching for a new president and must renew its accreditation in 2012.
"We can no longer stand by and allow Shaw to appear to deteriorate due to poor judgment. ... We have serious concerns regarding conflict of interest, fiduciary responsibilities, adverse interest and commitment," says the May 14 letter from association president Emily Perry.
The letter isn't the first criticism from alumni about Shaw, a school of about 2,700 students that has debt of more than $20 million. In March, the school's Florida alumni group sent a letter to Shaw administrators saying it was "amazed" that giving among board members totaled only $41,089 since July, despite Gary's pledge that each of the roughly 40 board members would chip in $50,000.
Gary said Thursday that he doesn't plan to step down or request that anyone else do so. He said he hasn't kept up with his 1991 pledge to donate $10 million, at the rate of $250,000 a year, because of the recession.
"Whether I've given any money to Shaw in the last year or so? No, because of the economic times," Gary said. "We don't have it."
He promised to resume his donations once the economy improves.
Perry's letter, which was sent to board of trustee and alumni association members, suggests the board eliminate ineffective members to make way for the future.
"Now is the time for a new board of trustees that can effectively attend to the fiduciary responsibilities of Shaw," the letter reads.
Earlier this year, Shaw University secured a $31 million federal loan with help from U.S. Rep. Bob Etheridge.
Friday, May 28, 2010
(Updated 10:27 am)
By The Associated Press
RALEIGH (AP) — The national alumni association of Shaw University, one of the oldest historically black colleges in the South, has called for the board of trustees to step down or be dismissed because of continuing financial problems.
The News & Observer of Raleigh reported today that the alumni association of Shaw University in Raleigh addressed its letter to the school board chairman Willie Gary, an alumnus and multimillionaire attorney whose office is based in Stuart, Fla.
Shaw's board consists of educators, business people and Baptist officials in North Carolina, Florida and New York, as well as boxer Evander Holyfield and boxing promoter Don King, Shaw's Web site says. The school is searching for a new president and must renew its accreditation in 2012.
"We can no longer stand by and allow Shaw to appear to deteriorate due to poor judgment. ... We have serious concerns regarding conflict of interest, fiduciary responsibilities, adverse interest and commitment," says the May 14 letter from association president Emily Perry.
The letter isn't the first criticism from alumni about Shaw, a school of about 2,700 students that has debt of more than $20 million. In March, the school's Florida alumni group sent a letter to Shaw administrators saying it was "amazed" that giving among board members totaled only $41,089 since July, despite Gary's pledge that each of the roughly 40 board members would chip in $50,000.
Gary said Thursday that he doesn't plan to step down or request that anyone else do so. He said he hasn't kept up with his 1991 pledge to donate $10 million, at the rate of $250,000 a year, because of the recession.
"Whether I've given any money to Shaw in the last year or so? No, because of the economic times," Gary said. "We don't have it."
He promised to resume his donations once the economy improves.
Perry's letter, which was sent to board of trustee and alumni association members, suggests the board eliminate ineffective members to make way for the future.
"Now is the time for a new board of trustees that can effectively attend to the fiduciary responsibilities of Shaw," the letter reads.
Earlier this year, Shaw University secured a $31 million federal loan with help from U.S. Rep. Bob Etheridge.
