CU tightens spending rules for fund-raising foundation |

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CU tightens spending rules for fund-raising foundation

BOULDER – The University of Colorado is revising its contract with its fund-raising arm, the CU Foundation, to bring it under the same spending rules that govern the university, CU President Hank Brown said.State law gives the nonprofit foundation more leeway than the university has, but Brown said Monday he wants their practices to be the same.”Different rules apply if the foundation spends money, and it was thought that it was an advantage to have a foundation because you could avoid some of the fiscal rules,” Brown told the Daily Camera in a story published Tuesday.”This closes what was thought to be a loophole,” he said.Brown’s predecessor, Elizabeth Hoffman, asked for state audits of the foundation and the school’s athletic department last year amid allegations of improper spending, slush funds and football players arranging sex and alcohol for recruits.The audit of the foundation is expected to be made public Nov. 8.Foundation President Michael Byram said the group already has rules that incorporate the state spending requirements but said the new agreement with the university would be beneficial.”It provides clarity,” he said. “Everyone’s going to know what the rules are.”