N.J. Sues College Over Spending and Asset Management
September 21, 2009 | Read Time: 1 minute
New Jersey’s attorney general has filed suit against the Stevens Institute of Technology, charging that the Hoboken college has mishandled its endowment and investments and paid too much to its president, Harold J. Raveché, according to The Chronicle of Higher Education.
The state and faculty members have long accused the institute of lavish spending and poor financial oversight. Mr. Raveché earned $793,000 in 2007 and received about $1.8-million in below-market-rate loans from the college, according to the state complaint, which also alleges the institution defied donors’ wishes in its use of restricted funds and scholarships.
Mr. Raveché did not comment in the article.
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