DuPage Co. (ECWd) -
In June of this year I took issue with Trustee McGuire's comments regarding the violated investment policy. During the June 11, 2015 College of DuPage meeting, she stated, while defending clear violations of their own policy, there has not been a violation of the Public Funds Investment Act. In the article published on this matter in June I stated, Trustee McGuire made a statement of fact that she is going to regret. (Click here for that article)
Now, with the Higher Learning Commission report received, we can find yet more examples that prove Dianne McGuire was clearly wrong in her findings.
According to HLC: "the team was advised during several interviews with administrators that the Board was not provided full information regarding the specific investment percentages".
That statement debunks her assertions that the board was fully aware based on the investment report in their board packets. As many pointed out for months, that report was insufficient to make such a determination and now the HLC has confirmed that through interviews with administrators.
"Moreover, other employees within the Financial Affairs office (including the Assistant Controller) received investment reports in the regular course of business (these reports clearly indicated that certain investments were beyond the Board’s policy thresholds) but did not bring the matter to anyone’s attention. In fact, the Assistant Controller indicated that he did not see any reason to alert anyone at the College since his supervisor, the Assistant Vice President for Financial Affairs/Controller (Lynn Sapyta), also received the report, even though there was access to an internal ethics telephone number to report such violation, as well as an internal auditor."
Those that don't recall, McGuire was highly apposed to the termination of Thomas Glaser and Lynn Sapyta. She stated it was a rush to judgement. Now with the exposure of the fact that she too knew the investments were in violation of policy, will McGuire now provide her support for the termination?
In light of the disclosure of the Assistant Controller knowing the violation was taking place and did nothing, it becomes evident there may be some more house cleaning needed in that department. Any employee that knows things are being done wrong and stays silent has no business in public office in my opinion. They are public servants and inaction is in of itself an action - an action to allow the corrupt practice to continue and its simply wrong!
"As stated earlier, while the Board received information in connection with the College’s investments, the reports were not detailed enough to provide information on the specific percentage of each investment".
So now that an internal auditor, an outside financial firm, and now the HLC having all confirmed the investment policy had been violated, will McGuire apologize to the board for her claim that they were fully aware of the investments and claimed there has not been a violation of the Public Funds Investment Act was wrong? In light of all this, I raise another interesting question.
What basis of fact did Dianne McGuire rely on to claim there has not been a violation of the Public Funds Investment Act?
All evidence confirms a violation, yet Dianne McGuire was insistent with her claim that nothing was wrong. How on earth does a person come to such a conclusion?
These failings rest in the hands of the very people that have either been terminated or put on Administrative Leave and soon to be terminated. In spite of the evidence, McGuire has spoken out against the removal of Robert Breuder, Thomas Glaser and Lynn Sapyta, so one must ask, what does it take for McGuire to feel the need to hold people accountable for failing to protect the taxpayer. You may note I used the word failing twice in this paragraph.
From the HLC: "There were a number of other failings with respect to the fund investments and lack of controls over the fund investment process."
When multiple entities identify a number of failings it becomes clear their are problems that have to be dealt with and denial of anything being wrong is clearly not the way. Most people understand that, however, it is evident by McGuire's ongoing rants during board meetings, she has no intention of ever admitting anything was wrong nor supporting holding anyone accountable.
I can only assume since it happen under her watch she just can't bring her self to eat a piece of humble pie.