July 7, 2000
Eckerd College President Retires After Endowment Is Found to Be Short $19-Million
The president of Eckerd College is retiring and the vice president for finance has resigned in the wake of an investigation that found that about $19-million -- almost three-fifths of the college's endowment -- was spent without the knowledge of the Board of Trustees.
Many of the expenditures were apparently made to help prop up two housing developments on the St. Petersburg, Fla., campus that were designed primarily for retired professionals who, it was
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