3e884de5__Private_Postsecondary_Schools__Explanation
[Institution] Columbia U. (N.Y.) Chronicle Article [Tax year] 2011 [Explanation] 
In November 2010, the university learned it had been defrauded for the amount of $5,249,748.39 when certain electronic payments were made to a fraudulent vendor bank account. The university immediately notified the police. Indictments have been issued and the university is cooperating with the criminal investigation. In August 2011, the university received reimbursement from its insurance carrier for the full amount of the loss, less a $250,000 deductible.
News | California Association of Private Postsecondary Schools
Explanation