Regents to release audit of accounts controlled or accessible to FUPJW:

[sonofdaxjones]

Anyone else continually feel great for sonofdaxjones while reading the audit?  I was happy knowing how happy dax must be with 30+ pages of KSU financial stuff to read.  Christmas came early this year.

  <-- Trim reading the audit thinking about dax reading the audit

I remember the powertards coming all unglued when I tried to tell them a few years ago that the Weefer and company was running the place like their little fiefdom, and how so many things didn't make any sense if you bothered to do any research. 

[Kansas Seminole]

hey moron.  He isn't under IRS audit.  Instead of reading the executive summary done by a moronic beat reporter (which your poor reading comprehension skills don't allow you to comprehend anyway) from the LJW why not pull up your big boy pants and read the .pdf?

He IS mentioned in the IRS audit. The IRS wants the specifics on his contract and is now looking into if he is receiving $$ and not paying taxes on it.

Please post link to "IRS audit."

TIA

Came across the wire 4 hours ago.... BTW, there is a link in the article that states what all Snyder is being looked into for...http://chronicle.com/news/article/6673/kansas-state-u-audit-finds-questionable-payments-to-officials

[sonofdaxjones]

Dude . . . the audit was by an accounting firm hired by the Regents.   It was not conducted by the IRS, and the only reference to the IRS was that the private accounting firm alluded to the possibility that the way payments were made may not look good in the eyes of the IRS.  The audit itself has nothing to do with the IRS.

[Kansas Seminole]

LOLOLOLOLOL. OK, spin it the way you want it, but when it comes down, you will know the truth LOLOLOLOL

[ew2x4]

LOLOLOLOLOL. OK, spin it the way you want it, but when it comes down, you will know the truth LOLOLOLOL

Pointing out the fact what you called an IRS Audit is in fact not an IRS audit is spin? Pointing out your stupidity is spin?

[Kansas Seminole]

LOLOLOLOLOL. OK, spin it the way you want it, but when it comes down, you will know the truth LOLOLOLOL

Pointing out the fact what you called an IRS Audit is in fact not an IRS audit is spin? Pointing out your stupidity is spin?

 :runaway:Spin it any way you want. Snyder will be audited.

[GoldbrickGangBoss]

Kat Kid . . . while I agree that K-State isn't loaded with money, what's absolutely astounding to me is this.   During most of the last 8 years K-State has been getting record donations to the Foundation, the Ahearn Fund has more members than ever, it's getting record donations so that under the right management things would be looking very good.  Heck, right now the Foundation is getting donations to make up for the investment difficulties in the Endowment pool so they may night have to cut back in scholarships. 

So here's all this momentum . . . and behind the scenes there's these dickweeds pissing all the momentum away. 

Plus once again, F_ck You Tim Weiser . . . you ran around all the time pissing and moaning about how K-State just couldn't "write checks for this, or write checks for that" . . . well apparently there was enough cash around to give you a $500K don't ask, don't tell loan on top of the $700K a year K-State athletics was paying your ass.

Now . .  . the new administration has to come in, and while the entire Regents system is battling to keep its head above, the new administration has to fight that and a credibility issue for K-State. 

Kirk Schulz and John Currie will earn every penny they make in the next 12 to 18 months, I don't envy their position one bit.

Your hatred for Weiser at the moment is wildly out of proportion with your hatred for everyone else.

Where would Ksu be if Weiser had stayed?

[sonofdaxjones]

LOLOLOLOLOL. OK, spin it the way you want it, but when it comes down, you will know the truth LOLOLOLOL

Pointing out the fact what you called an IRS Audit is in fact not an IRS audit is spin? Pointing out your stupidity is spin?

 :runaway:Spin it any way you want. Snyder will be audited.

So what . . . tens of thousands of American's get audited every year, the fact that you kept calling this an IRS audit is funny though.

Stick to trying to convince us you're an "expert" on talent.

[sonofdaxjones]

You can concoct all the "what ifs" in the world to fit your personal agenda Goldy.  It's extremely easy after the fact.

There's no need to continue to pile on Krause, his sleaze and idocy has been well established. 

It's always funny how you never seem to show up around here until something like this comes out you little troll.

[GoldbrickGangBoss]

Because the Hall of Shame can wait.

[GoldbrickGangBoss]

I'm around quite often actually. But what is worth commenting on in other threads so far?

The only thing happening lately is this made for lifetime movie plot.

[Kat Kid]

Kat Kid . . . while I agree that K-State isn't loaded with money, what's absolutely astounding to me is this.   During most of the last 8 years K-State has been getting record donations to the Foundation, the Ahearn Fund has more members than ever, it's getting record donations so that under the right management things would be looking very good.  Heck, right now the Foundation is getting donations to make up for the investment difficulties in the Endowment pool so they may night have to cut back in scholarships. 

Absolutely agree.  K-State has done a pretty excellent job maximizing donations.  But Jesus look at the amount of effort put in to the thing and they do it on a relatively shoestring budget.  I mean we have volunteer undergrads hitting people up for money every year as our main fundraiser.  I'm just saying that schools like Texas or A&M look at us like a glorified JUCO on a fundraising/endowment level.

I'm not saying that these people necessarily posed an existential threat, but the fact that this is coming down the pike when many institutions have sustained losses in their investments, coupled with reduced contributions already being realized and projected going forward, AND reduced state revenue due to budget cuts AND reduced student loans due to credit crunch AND higher tuition/student fees AND near certainty that a student's parents have sustained a significant hit to their personal wealth makes it a little tough to stomach.

I know I don't have to lecture you on this but I find it instructive that the 5 schools ahead/behind us in endowments are:

177 Villanova University
178 UC San Diego Foundation
179 College of the Ozarks
180 Spelman College
181 University of St. Thomas (Minnesota)
182 Kansas State University Foundation
183 National University
184 VMI Foundation, Inc.
185 University of New Mexico and Foundation
186 Franklin and Marshall College
187 University of Wisconsin System


And no offense, but Ahearn fund membership numbers are tied to the donation structure.  I could set it up so that you saw an increase in membership yearly.

&@#% that.  I could run K-State ticketing better than K-State.

Now . .  . the new administration has to come in, and while the entire Regents system is battling to keep its head above, the new administration has to fight that and a credibility issue for K-State.

Kirk Schulz and John Currie will earn every penny they make in the next 12 to 18 months, I don't envy their position one bit.

Absolutely agree.  This truly could not have come at a worse time.

[sonofdaxjones]

Kat Kid . . . while I agree that K-State isn't loaded with money, what's absolutely astounding to me is this.   During most of the last 8 years K-State has been getting record donations to the Foundation, the Ahearn Fund has more members than ever, it's getting record donations so that under the right management things would be looking very good.  Heck, right now the Foundation is getting donations to make up for the investment difficulties in the Endowment pool so they may night have to cut back in scholarships. 

Absolutely agree.  K-State has done a pretty excellent job maximizing donations.  But Jesus look at the amount of effort put in to the thing and they do it on a relatively shoestring budget.  I mean we have volunteer undergrads hitting people up for money every year as our main fundraiser.  I'm just saying that schools like Texas or A&M look at us like a glorified JUCO on a fundraising/endowment level.

I'm not saying that these people necessarily posed an existential threat, but the fact that this is coming down the pike when many institutions have sustained losses in their investments, coupled with reduced contributions already being realized and projected going forward, AND reduced state revenue due to budget cuts AND reduced student loans due to credit crunch AND higher tuition/student fees AND near certainty that a student's parents have sustained a significant hit to their personal wealth makes it a little tough to stomach.

I know I don't have to lecture you on this but I find it instructive that the 5 schools ahead/behind us in endowments are:

177 Villanova University
178 UC San Diego Foundation
179 College of the Ozarks
180 Spelman College
181 University of St. Thomas (Minnesota)
182 Kansas State University Foundation
183 National University
184 VMI Foundation, Inc.
185 University of New Mexico and Foundation
186 Franklin and Marshall College
187 University of Wisconsin System


And no offense, but Ahearn fund membership numbers are tied to the donation structure.  I could set it up so that you saw an increase in membership yearly.

frack that.  I could run K-State ticketing better than K-State.

Now . .  . the new administration has to come in, and while the entire Regents system is battling to keep its head above, the new administration has to fight that and a credibility issue for K-State.

Kirk Schulz and John Currie will earn every penny they make in the next 12 to 18 months, I don't envy their position one bit.

Absolutely agree.  This truly could not have come at a worse time.

It's all relative.  You do have to give defrocked FUPJW some credit for making fund raising important.   The previous administrations did a shameful job in that area and put K-State way behind.   You know how does tiny Grinnell College or College of the Ozarks have a bigger endowment than most Big 12 Schools??  It just takes a handful of extremely wealthy alums giving a whole bunch of money.   

No arguments on the ticket office . . .

[FelixRex]

The story is completely false.  Just warning you guys so you don't get your hopes up.

[Kat Kid]

I think I'm officially going to turn into dax on here from now on:

Kansas Seminole. . . proving the "value" of a ku education one post at a time.  Only a ku degree could come up with that level of literacy.

Speaking of literacy. . . two KSU students recently received the prestigious Midwest Association for Canadian Studies Award for best graduate and best undergraduate research.

Just another example of Kansas State leading the way and ku. . . not.

[sonofdaxjones]

The story is completely false.  Just warning you guys so you don't get your hopes up.

True . . . but I don't want to spoil everyone's party.  Just sayin . . .

[cireksu]

This is Joepa levels of retard

[Kat Kid]

I'm saying the University DOES put quite a bit of effort in to the thing, it is just that we just expect our undergrads to make up the difference.  Kansas State leans on student leaders/student workers on campus to do all kinds of crap that at other schools would be a salary and benefits or farmed out to a professional contractor.  I'm not saying it as a knock against the level of effort being put forth, I think we do a fine job of maximizing our contributions, I'm saying that it is a pretty low ceiling and it will be exceedingly difficult to make any big future leaps or realize tons of new revenue streams.

[TAFNA Dude]

glad this deserved another thread instead of being merged with the existing thread.

[Kat Kid]

K-Nole. . . Perhaps this FAQ will help you out?  Let me know if I can draw your an etch-a-sketch or make a pop-up book to better help your comprehension.  I've highlighted the relevant sections. . . out of concern for your brain's structural well-being.

FREQUENTLY ASKED QUESTIONS ABOUT THE AUDIT

* Why was an exit review done? A Kansas Board of Regents policy requires an exit review/analysis when there is a change in a university's CEO leadership and involving the CEO's handling of certain non-state funded accounts. The analysis was required because of Jon Wefald's retirement and was not undertaken because of any actions involving the athletics department.

* Who requested it? The Kansas Board of Regents.

* Who conducted it? The Kansas City office of Grant Thornton LLP, an auditing, management consulting, corporate finance, risk management and information technology firm.

* How much did it cost? $126,000 paid to Grant Thornton LLP.

* Who paid for it? The Kansas State University Foundation.

* What is covered by the exit review? It includes K-State entities that are not audited by the state: the president's office, the KSU Foundation, K-State Alumni Association and the athletics department.

* Does the university anticipate making any additional changes?
President Kirk Schulz and Athletics Director John Currie intend to review the exit analysis as soon as possible. After they see the details, they will analyze what actions need to be taken.

* Is the athletic department in the red right now; if so, by how much?
Athletics is nearing the end of a very tight budget year. At this point it is not clear whether or not athletics will break even this year. Like many units, the athletics department owns some restricted endowments which were invested by the KSU Foundation in a pool. With the poor performance of the stock market, many of these funds have lost money.

* Will there be further follow-up investigations to see if anything else was missed by the audit?
The new administration is considering follow-up reviews, in addition to new policies to ensure strong financial controls.

* Regarding the future of the athletic department: the declining economy slowed down the Wildcat Victory campaign -- will this slow it down further?
The entire economic climate has caused us to move forward cautiously and we are working to rebuild the trust and support of the entire K-State fan base.

* Will the Olathe Innovation Campus be filling the position vacated by Bob Krause?
Not at this time; there is a "soft" hiring freeze in effect due to budget cuts from the state.

* Was there any kind of buyout for Bob Krause?
No.

[CrimsonBlue]

K-State... what a joke.



 

[CrimsonBlue]

I think I'm officially going to turn into dax on here from now on:

Kansas Seminole. . . proving the "value" of a ku education one post at a time.  Only a ku degree could come up with that level of literacy.

Speaking of literacy. . . two KSU students recently received the prestigious Midwest Association for Canadian Studies Award for best graduate and best undergraduate research.

Just another example of Kansas State leading the way and ku. . . not.

1.  I doubt Kansas Seminole actually went to ku

2.  ku is ranked ahead of K-State in virtually every category, including US News' top 100 schools.  An education from K-State is like getting an associates degree from Butler Community College.

[sonofdaxjones]

Bentard with the same old crap.

Lets look at your logic.  If you pair out all the private schools in the US News Tier 1 Universities, of which both ku and K-State are part of . . . that would place K-State in the Top 65 of all public 4 year universities in the United States, of which there are over 400.

So using Bentard logic, ku which is like 40th or so of the public Universities on the US news list is a vastly superior education to K-STate . . . which is like graduating from Butler JC.   

.

[sonofdaxjones]

Bentard Logic:

ku:  40th Ranked Public 4 Year University in the United States according to US News.
       A Carnegie Tier 1 (Extensive) Research University

Vastly superior to:

K-State:  67th Ranked Public 4 Year University in the United States according to US News
             A Carnegie Tier 1 (Extensive) Research University

[CPA...cat]

OK, so I skimmed the consultants report.  It's not an audit, it's an agreed upon procedures engagement.  That's different by-the-way.

I didn't read all 34 pages.  From what I can tell the whole IRS and Snyder issue is concerning payments made to him as an independent contractor instead of an employee.  Most of his compensation was as an employee (subject to employment taxes) but there were some payments made to him as an independent contractor.  Since he would have been above the Social Security limit, the main issue would be the Medicare tax (2.9%).  And the report did not claim if that treatment was correct or not.  It also said this was all prior to 2005 after 2005 all of his compensation went through the ath dept payroll.

[steve dave]

Tried posting this earlier but seems to be gone? I didn't get a reason, so I will post it again..

It was merged into the proper thread you retard

[TAFNA Dude]

I think I'm officially going to turn into dax on here from now on:

Kansas Seminole. . . proving the "value" of a ku education one post at a time.  Only a ku degree could come up with that level of literacy.

Speaking of literacy. . . two KSU students recently received the prestigious Midwest Association for Canadian Studies Award for best graduate and best undergraduate research.

Just another example of Kansas State leading the way and ku. . . not.

1.  I doubt Kansas Seminole actually went to ku

2.  ku is ranked ahead of K-State in virtually every category, including US News' top 100 schools.  An education from K-State is like getting an associates degree from Butler Community College.

You're kinda dumb dude.  There's really no differences academically between K-State and ku.

[honk4tad]

Lots of moral victories happening in this thread, and it's kind of touching to be honest.

Later.

[feralchat]

The difference is the quality of students. You can get a taste by reading these posts. Triumph the Insult Dog finds more sqwawk undergrads here: http://www.huffingtonpost.com/2009/06/20/triumph-the-insult-comic_n_218383.html

[GoldbrickGangBoss]

Someone needs to fit Old Balls into this picture btw.