URI announces independent examination of Institute transactions

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KINGSTON, RI… February 17, 2012…The University of Rhode Island has announced that it will seek an independent examination of the institution’s transactions related to the relationship between the Institute for International Sport and the University.

While noting that the University has been transparent in the release of its records regarding its historical relationship with the Institute, URI President David M. Dooley said, “We want to bring in a third party that will allow for an independent, impartial examination that removes any doubt about what happened and how it happened. We have reviewed this matter extensively and transparently, working with the Auditor General, but we want to be sure all issues have been identified and addressed.”

URI also expects that this examination will assist in evaluating arrangements with any other non-profit organizations with which the University may engage in the future.

The University acted in good faith in providing ample opportunity for the Institute to repay its debts to the institution. The transactions, which date back to 1986, span the terms of three presidents and eight vice presidents for business and finance.

Given the scope of the inquiry to date regarding the Institute and its relationships with multiple agencies and individuals, it is incumbent on the University to make sure its part in this matter has been thoroughly examined.

The University is also exploring various legal avenues for the repayment of the debt owed to URI by the Institute.

Once the review is completed, the findings will be made available to the public.