A recent audit’s findings indicate no wrongdoing by Brian Boulware, the chair of the Board of Trustees at Saint Augustine’s University. This new report contradicts a previous audit from 2023 that revealed a board member allegedly received a finder’s fee related to a loan to the university, which was characterized as a gift from the lender.
The university, facing challenges maintaining its accreditation, commissioned an independent audit to investigate claims surrounding Boulware and the alleged finder’s fees. This investigation follows reports that the North Carolina Attorney General’s Office is probing accusations regarding a $7 million loan linked to Boulware.
The allegations emerged from a lawsuit filed by Save SAU, a collective of historically Black university alumni and supporters. In contrast to prior financial audit documents, the latest findings declare that neither Boulware nor SAU received a finder’s fee during the loan transaction.
According to a report by WRAL, the audit found no accounting records to substantiate the existence of a finder’s fee. The Senior Officer with Bank OZK involved in the transaction affirmed that there had been no discussions or plans for compensation related to a finder’s fee for Boulware or any other party involved.
(SOURCE: HBCU BUZZ)
