Simplify the following text for a Grade 8 native English-speaking person.
Original: Subsequent years saw many tensions over the direction of the emerging university and , in 1902 , it was effectively bankrupt following the discovery of a â 24,000 fraudulent defalcation by the university 's bursar , Frederick Dickson , over the period 1886-1901 ( when the yearly grant was Â # 15,000 ) .
Simplified: In 1902 the university was bankrupt when it was found out that the man in charge of the university 's money , Frederick Dickson , had stolen â 24,000 . The university 's annual budget was Â # 15,000 .