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 OnlyAre you enjoying your subscription?
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Jane Roberts
Jane Roberts has reported in Memphis for more than 20 years. As a senior member of The Daily Memphian staff, she was assigned to the medical beat during the COVID-19 pandemic. She also has done in-depth work on other medical issues facing our community, including shortages of specialists in local hospitals. She covered K-12 education here for years and later the region’s transportation sector, including Memphis International Airport and FedEx Corp.
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