Burlington College used restricted scholarship money for operating costs

Aug 21, 2014 by

The administration of Burlington College used $50,000 from a scholarship fund to pay for daily operating costs, according to documents obtained by VTDigger.

The tiny liberal arts college is financially strapped and the administration used scholarship money from the estate of G. Jason Conway to cover expenses, according to financial statements and people who managed his estate.

Burlington College is struggling to pay back a $10 million loan to buy 351 North Ave. from the Catholic diocese. Administrators and the board say the college’s financial troubles started in 2010 when Jane Sanders was president.

Sanders, the wife of Sen. Bernie Sanders, I-Vt., had a grand plan for the college and the diocese figured prominently in her vision of a larger, more prosperous institution, but she left the school shortly after the purchase and before the school’s financial problems began. Christine Plunkett, who is now the president, was the school’s chief financial officer at the time.

via Burlington College used restricted scholarship money for operating costs – VTDigger.

Print Friendly, PDF & Email

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.