The attorney appointed as financial receiver for the Dickinson State University Foundation says the foundation’s money issues are so bad, it will have to be dissolved.
Court-appointed receiver Sean Smith, in his latest report filed Aug. 31 in Southwest District Court, stated “the continued operation of DSUF is not a viable option” based on its inability to negotiate a financial settlement with developer Granville Brinkman, overall donor reluctance, and because receiver-retained accounting firm Brady, Martz & Associates was unable to determine the foundation’s net assets.
The DSU Foundation was forced into financial receivership by North Dakota Attorney General Wayne Stenehjem last November. During a meeting on Nov. 12, Stenehjem used the word “chaos” to describe the foundation’s financial records. In December, Smith — a partner at Tschider & Smith law firm in Bismarck and a certified public accountant — was appointed as receiver.
Over the past nine months, Smith has released seven reports detailing his work in trying to determine the cause behind the DSU Foundation’s financial issues, which the attorney general alleged stemmed from numerous financial and ethical issues, including that the university used scholarship funds to cover its operating costs.
Continue reading “Receiver recommends dissolving DSU Foundation: Organization unable to pay loans, financial settlements as it loses donor support”
Dustin Monke 