3e884de5__Private_Postsecondary_Schools__Explanation
[Institution] Drake U. (Iowa) [Tax year] 2011 [Explanation] 
In March 2011, Drake unearthed a series of transactions which resulted in the misappropriation of approximately $621,155 from the university over a period of 7 fiscal years. The university informed the police, charges were filed and the case is currently being handled by the county prosecutor. The employee charged with the theft was immediately terminated. The university also immediately implemented certain enhanced internal controls and is continuing to work with auditors to guard against future misappropriations. The university was insured and received reimbursement from the insurer for the full amount less a $5,000 deductible.
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Explanation