College of DuPage top finance officials, Tom Glaser and Lynn Sapyta have been officially fired from their positions at the college. Both have been on administrative leave since June.
The termination follows allegations of the officials mishandling funds and increasing budgets. This includes a 72 percent investment in funds directed at bond mutual funds and local government investment pools, compared to the board-approved 5 percent.
The former-officials will have the right to a hearing, conducted by an officer of the college’s choosing.
Chairwoman Kathy Hamilton addressed the termination in a positive light regarding the college’s direction. “The College of DuPage will soon embark on a comprehensive search for highly qualified and capable replacements,” said Hamilton. “This is part of the new era at COD.”
Sapyta released a statement after her termination, accusing Acting Interim President Joe Collins of using her as a “scapegoat.” Grounds for Sapyta’s leave came from allegations of controversial spending and financial mishandling at both the Waterleaf restaurant and WDCB, the college’s radio station. Sapyta said she had no involvement in either matter.
Glaser was put on leave after an internal audit exposed a college loss of nearly $2.2 million after Illinois Metropolitan Investment Fund announced a $55 million loss. Glaser had ordered the investment of $80 million into the fund without board approval.
Glaser plans to sue the college on charges of wrongful termination.