College Of New Rochelle Financial Probe Reveals $20M In Unpaid Taxes
NEW ROCHELLE, N.Y. - The very existence of the College of New Rochelle is in jeopardy after a financial probe found that the school hadn’t paid upwards of $20 million in payroll taxes dating back to 2014.
Last month, CNR President Judith Huntington abruptly resigned due to “significant unmet financial obligations,” prompting the school’s Board of Trustees to launch a full investigation into the misappropriations and to restructure CNR’s finances.
On Tuesday, the Board announced that approximately $20 million in payroll taxes were not paid for eight quarters. The review is ongoing, but the Trustees have cautioned that it will require significant cost-cutting and outside funding for CNR to remain a stand-alone institution.
“The goal of the investigation is to determine how and why the payroll taxes went unpaid, who was responsible for the non-payment, if any funds were diverted from CNR and if there were any other undiscovered related issues,” they said in a statement. “The investigation is not complete, but the Special Committee did not want to delay any longer sharing preliminary findings with the CNR community.”
Read more: http://yonkers.dailyvoice.com/schools/college-of-new-rochelle-financial-probe-reveals-20m-in-unpaid-taxes/687966/
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