3e884de5__Private_Postsecondary_Schools__Explanation
[Institution] La Salle U. (Pa.) Chronicle article [Tax year] 2011 [Explanation] 
During the 2009/2010 fiscal year, a theft was uncovered by an employee of the food services operations. The then manager had created a fake company and was billing La Salle for goods never provided. It was determined that this had taken place over a 20-year period. The total amount determined to have been stolen was approximately $5 million. The university received full restitution through asset recovery, cash, property, etc. The former employee is now serving prison time. The university has taken measures to strengthen internal controls over this and other processes, namely instituting a vendor approval process, utilizing the controls inherent in our operating system, and broadening the scope of our financial audit testing.
News | California Association of Private Postsecondary Schools
Explanation