Finance heads placed on administrative leave

Kelly Wynne, News Editor

College of DuPage Senior Vice President Administration and Treasurer Tom Glaser and Assistant Vice President of Financial Affairs and Controller Lynn Sapyta have been placed on paid administrative leave. This comes in the wake of the college’s pending reviews. Interim President Joseph Collins detailed the change in an email addressed to COD faculty on June 6.

Not addressed in the email was the uncovering of an internal audit detailing unapproved budget increases.  This includes 72 percent of investment funds directed at bond mutual funds and local government investment pools, 67 percent over the board-approved 5 percent amount.

Another section explains the board-approved $10 million investment in the Illinois Metropolitan Investment Fund. Glaser had a hand in discounting the budget and investing $80 million in the fund. IMET recently announced a $50.4 million loss after becoming victim to fraud, 2.2 million belonging to COD.

On Thursday June 11, the board of trustees will vote on adopting a Financial Services firm to oversee financial accounts and decisions made at the college. The meeting will also detail the fiscal year 2016 budget plan including a possible $5 tuition decrease.