Channel Islands

State Audit Shows CSU Concealed $1.5 Billion in Surplus

In a highly critical report, the state auditor found the California State University funneled hundreds of millions of dollars to accounts outside of the state Treasury, disregarded state laws covering transparency and used millions of dollars in revenue from campus parking permit fees to fund projects unrelated to the CSU parking program. The audit also showed that CSU campuses are keeping surplus funds in locally held accounts that are hidden from public view and state oversight.