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Old Main Comes Clean: Penn State Right-To-Know Report 2010 Will be Revised

This is a follow-up to my earlier post about Old Main's failure to comply with the Pennsylvania Right-To-Know Law.

The big story this year is not what is in the report; it is what isn't in the report. The bulk of the report is an IRS Form 990. This year for the first time the University had to report payments to family members of trustees, officers and key employees in the form of business dealings in the excess of $100k and compensation in excess of $10k. Old Main acknowledged the existence of such individuals and it is obvious that Sandra Spanier, for one, satisfies the criteria. However, the University did not provide details on the payments citing an ordinary course of business exemption. The problem is that the instructions for filing out Schedule L, where the detail are to be reported, explicitly states that the ordinary course of business exemption does not apply.

The University announced yesterday that it will file a revised RTK  with the Commonwealth on Friday which will correct the omission in the original report. A copy of the revised report will posted on the Penn State Web site. 

You can read more at StateCollege.com and the Pittsburgh Post-Gazette and I'll have more to say at Left of Centre once the revisions are available.

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Comments

Hmmmm, that's interesting.

It seems funny that the folks the university pays to fill out those forms would try to slip such a thing by but I guess they were stuck between a rock and a hard place.

It would pretty funny if someone got hoist by the new IRS regulations, which were meant to crack down on nonprofits and the pool of untaxed economy.

I also kinda doubt that the people who can yank Mr. Spanier's chain really care. Well lets say DID really care, in the past tense. Publicity is a bitch.

And, relatives having jobs with the same employer happens all the time, so it could be totally innocent and entirely a form filling messup caused by new baroque regulations. You have any reason to think otherwise?

 

What's going on?