The full scope of Central State University's fiscal woes will be detailed in a complete report issued by my office later this month. We already know the school's financial condition is worse than originally predicted. Sadly, these debts shouldn't surprise those aware of the school's beleaguered financial history. We know bookkeeping has been a virtual disaster since 1984, and fiscal problems have dogged the campus since the early 50s.
Past audits reveal the school has pushed the outer-limits of fiscal irresponsibility for some time.
The school set up a repayment schedule which was never met. Unfortunately, the university didn't maintain a list of students receiving that money. During 1994, Central State routinely produced checks and then held them for up to four months because it didn't have the money to back them up in its operating account. No record detailed the ultimate disposition of these checks. One need only look at the campus' crumbling structures to get an idea of how fiscal mismanagement has affected the school.