College Bookstore Possibly Defrauded of $77,000
by Edward Nawotka -- Publishers Weekly, 10/14/2002
A state audit of the bookstore at North Carolina Central University, a school of 6,500 students in Durham, N.C., has turned up $77,967 worth of voided or refunded sales lacking documentation between July 2000 and June 2002, according to the Charlotte Observer.
Other problems included mismatches between recorded cash intake and accounting records, as well as a significant difference in recorded inventory and actual inventory.
The audit also revealed that the bookstore, which typically stocks 1,000 textbook titles each semester, had a 15.49% profit in 1999–2000 that turned into a 3.78% loss in 2000–01.
The auditor concluded there was "a possible misuse of bookstore funds" and referred the matter to the state's Attorney General for possible investigation.
To rectify the situation, the store has begun requiring managers to approve voids or refunds and now reviews the sales daily.
Sharon Saunders, a spokesperson for the university, told PW, "We concur with all of the findings and have placed the bookstore under new management to insure cash and inventory at the bookstore. The manager and another individual who was working there when these things happened have resigned." She added that the school is taking bids from outside companies to manage the bookstore.
