College of DuPage financial officials fired

The College of DuPage’s tip dual financial officials were dismissed Wednesday for bad income supervision during a publicly saved college, allegations that their attorneys pronounced were politically encouraged and but merit.

Treasurer Thomas Glaser and Controller Lynn Sapyta, who have been on paid leave given June, were a initial tip administrators dismissed for means given a new infancy took over a Glen Ellyn-based school’s house of curators in April. They any were supposing 9 reasons for their terminations, including violating a school’s investment practices and accounting problems tied to a college’s high-end restaurant.

“We are going to be embarking on a hunt for rarely able individuals, and it is partial of a new epoch for a College of DuPage,” pronounced Katharine Hamilton, who was inaugurated boss by a new majority. President Robert Breuder stays on paid executive leave tentative stop proceedings.

The firings come after a school’s examination and a successive outward financial examination minute countless breakdowns in slip during a state’s largest village college, an emanate a Tribune has unclosed in a series of investigations over a past several months.

Glaser’s attorney, Shelly Kulwin, pronounced he skeleton to record a lawsuit for prejudicial stop and crack of contract. In March, a before house extended Glaser’s agreement with a propagandize until Jun 30, 2017.

“We trust a stop is unjustified. The charges on that a stop was formed are meritless,” Kulwin said. “It is transparent clear to me that this is a domestic fight opposite these people. These new (board members) came in, and … they wish to spike (Glaser) given of his connection with a before board.”

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Sapyta’s attorney, Peter Lubin, pronounced in a matter that his customer “faithfully liberated a duties of her office” and “received countless accolades” during her employment. Her agreement also was scheduled to run until 2017, and she skeleton to sue if not reinstated, he said.

Both attorneys pronounced their clients are being hold accountable for areas not underneath their control.

Though a stop decisions were handed down Wednesday, Glaser and Sapyta’s fates seemed hermetic after a exhilarated open choosing in that a Hamilton-controlled infancy took control of a board. Hamilton had plainly criticized both during open meetings and on a debate trail, and she had betrothed changes to a college’s care if a line-up of possibilities she corroborated was elected.

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Glaser and Sapyta are now entitled to a post-termination conference before an officer selected by a college, according to college orator Randall Samborn. The private hearing, that contingency be requested within 5 days and afterwards hold within 30 days after that, is conducted like a trial, with a event for justification to be presented and witnesses called. The officer will confirm either to defend or overturn a firings, Samborn said.

Glaser’s income was $232,112, and Sapyta’s was $163,828.

Since June, an outward organisation has been doing a college’s day-to-day finances and reviewing a financial controls. The house hired a organisation after an inner examination found that a school’s investment practices did not approve with a policies. The college mislaid some-more than $2 million in one taboo investment, for example, yet a propagandize is attempting to redeem some of that money.

A Chicago-based financial supervision organisation recently dynamic that about 73 percent of a college’s investment portfolio was not in compliance, a turn distant larger than an inner auditor found. The portfolio was valued final tumble during $274 million.

In identical letters sent to Glaser and Sapyta, halt President Joseph Collins minute a allegations opposite a two.

The allegations opposite Sapyta embody unwell to say financial controls over a college’s radio station, where an worker for years allegedly stole from a college, and over a high-end restaurant, Waterleaf, that mislaid some-more than $2 million given it non-stop in 2011 as comparison administrators spent hundreds of thousands of open dollars on dishes and drinks.

Sapyta also was indicted of not following a college’s investment routine and not auxiliary with a inner auditor’s review. The minute also purported that she disregarded propagandize ethics routine by regulating a college’s email complement to appeal votes on seductiveness of keeper candidates.

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Lubin described a allegations opposite his customer as “vague, unsubstantiated and legally deficient,” observant many of them had zero to do with her veteran duties. Sapyta, he said, was not obliged for investment decisions during her five-year tenure. Indeed, she knew some of a investments exceeded propagandize routine and forked them out to Glaser, as her pursuit required, Lubin said.

In a extensive matter expelled after her firing, Sapyta pronounced Collins, who as executive clamp boss oversaw a grill and radio station, was perplexing to change censure to her. She pronounced Collins knew that she did not control a school’s investments.

“I’m being done into a victim for a critique that a media has intended during Dr. Breuder and his administration, including Executive Vice President Collins, for intemperate spending during a College’s grill and other issues over that we had no control,” she said. “The Board certified a shortcoming accounts and carrying certified them needs to be responsible to a taxpayers for a decision. That was not partial of my pursuit duties as Dr. Collins is good aware.”

Glaser also was dismissed for not complying with a investment routine and for controversial accounting during a Waterleaf, that his profession pronounced “is not a treasurer’s responsibility.” Kulwin pronounced Glaser, who started operative during a college in May 2009, wrote a school’s investment policies and was behaving in a best seductiveness of a college when creation financial decisions.

The examination found that a college’s portfolio exceeded a possess routine boundary for certain forms of investments. For example, a policies capped investments in internal supervision investment pools during 5 percent of a full portfolio. Yet a college eventually put some-more than 29 percent of a value into a Illinois Metropolitan Investment Fund, a pool that invests taxation dollars on seductiveness of some-more than 200 suburban governments.

The college’s house of curators certified investing in IMET in Apr 2014, and about $10 million was primarily invested. Then, but authorization, a college increasing that volume by Sep to some-more than $80 million, or 29.2 percent of a portfolio.

At a time, IMET was providing a aloft lapse than other investments, according to a audit.

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