Background
A bit of history
Handling cash is a very sensitive activity at UCSC - and at any organization. Most of UCSC's funding is either public money (state and federal funds) or donor contributions, making any loss very sensitive. Everyone needs cash, and some people will do anything to get it. Thefts of cash, at each of the UC campuses (except Merced, the newest campus) and even at the Office of the President (UCOP) have made headlines. Such thefts are not unique to UC; the same problem occurs in other colleges and universities as well as all other types of businesses.
Losses range from minimal to very significant. One of the largest losses within the UC system occurred at UCSF where the head cashier embezzled $4.7 million and used the monies to support her daughter's fledgling retail store and magazine publishing business. The events were reported in the San Francisco Chronicle, the Wall Street Journal and other major newspapers throughout the country.
Such headlines have an effect on the public's perceptions about UC. Here are some of the entities who have a stake in the reputation of the University of California whose perceptions may be impacted by the headlines.
- Private citizens and foundations
- Students and potential students
- Research organizations
- The governor, the State legislature, and the taxpayer
- UC employees
When proper financial controls are in place, thefts may be prevented or discovered early when the dollars involved are minor. This significantly lessens the chance that the loss will become widely known or result in a banner newspaper headline.
You can read more about the UCSF embezzlement in the San Francisco Chronicle archives.
Last Revised 7/6/2006