Colorado State University-Pueblo officials have determined that annual bond payments dating back to 1998 have caused a $7.9 million deficit to the school.
Payments were being paid from unfunded accounts, creating negative account balances that accumulated over time, school officials said.
In a campus-wide letter sent Tuesday morning, President Tim Mottet said that the CSU System Internal Audit office reviewed the issue and confirmed that there was no fraud or intentional wrongdoing.
Earlier this year, with the assistance of the university’s financial IT system made available through a CSU System investment by the Board of Governors, the negative account balance was discovered.
“As stewards of the public trust, this is not how we do business, and it will not reflect CSU-Pueblo’s business practices going forward,” Mottet said in the letter.
“We are completing a full account reconciliation to assure there are no other related problems, and we are implementing new policies aligned around training and accountability to assure that all of us can have confidence in our…