MADISON, Wis. (AP) — A University of Wisconsin Board of Regents member says taxpayer money will not be tapped to cover the debts of the financially troubled UW-Oshkosh Foundation.
Regent Michael M. Grebe said in a statement Tuesday that it would be wrong to use taxpayer dollars to cover debts caused by the foundation’s inappropriate real estate projects. Grebe says university officials continue cooperating with foundation leaders to “work through the financial realities” the foundation faces.
The state Department of Justice is investigating the real estate projects, which were the subject of a lawsuit the UW System filed in January against former Chancellor Richard Wells and his chief business officer.
The lawsuit alleges that they used the private foundation to improperly funnel $11 million worth of university money to the projects.