Elsewhere online
September 02, 2015

Receiver Says Troubled N.D. College Foundation Should Fold

A court-appointed receiver for the nonprofit fundraising arm of Dickinson State University in North Dakota is calling for the financially troubled organization to be dissolved and replaced with a new foundation, reports the Dickinson Press.

In his latest report on the state of the DSU Foundation, Sean Smith said the nonprofit has lost its ability to attract donors amid rising debt and its failure to reach a financial settlement with a local developer who won a $1.7 million arbitration judgment against it in a dispute over a campus building.

Mr. Smith also said an accounting firm has been unable to determine the net assets of the foundation, which the state ordered into receivership late last year. Given its current circumstances, "the continued operation of DSUF is not a viable option," he stated in the Aug. 31 report.