U of M foundation cited for sloppy accounting practices
The Auxiliary Services Foundation was created in 2019 as a way to operate auxiliary services that directly benefit the University of Memphis. (Karen Pulfer Focht/Special To The Daily Memphian file)
The University of Memphis foundation that includes money from donors and ownership of high-profile projects — including the transfer last fall of Simmons Bank Liberty Stadium — raised eyebrows with auditors for sloppy internal controls that could misstate the group’s financial standing.
In its review, independent auditor ATA said the university’s Auxiliary Services Foundation made no distinction between restricted and unrestricted funds in its recordkeeping. It also made payments in some cases before receiving funds, which resulted in projects showing negative balances. Both conditions go against generally approved accounting practices.
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Auxiliary Services Foundation University of Memphis Simmons Bank Liberty Stadium Bill Hardgrave David McKinney Subscriber OnlyThank you for supporting local journalism.
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Jane Roberts
Longtime journalist Jane Roberts is a Minnesotan by birth and a Memphian by choice. She's lived and reported in the city more than two decades. She covers business news and features for The Daily Memphian.
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