The City University of New York is conducting an internal investigation into what happened to a $500,000 donation to its flagship campus, the City College of New York, reports The New York Times. The review by the university’s general counsel was prompted by senior faculty members’ discovery last month that a philanthropic account that should have contained some $600,000 thanks to the gift held only $76.
The donation was made in June to the Martin and Toni Sosnoff Fund for the Arts, which supports humanities and arts programs at City College. The fund is part of the public institution’s chief fundraising arm, the City College 21st Century Foundation. Federal prosecutors in Brooklyn are already investigating the alleged use of 21st Century Foundation funds to cover personal expenses for college President Lisa Coico and reimbursement of the money by a City University-affiliated research nonprofit.