College of Marin Foundation President Joan Bennett and the other Foundation directors resigned Monday amid an independent audit sparked by accusations of the misuse of scholarship funds.
In an e-mail addressed to College of Marin Superintendent/President Dr. David Wain Coon, the nine Foundation directors submitted their resignations before independent auditors concluded their audit of the Foundation. Bennett also attached a second communication regarding the KPMG LLP audit status but did not include a complete report.
The resignation of the Foundation directors before the conclusion of the external audit was unexpected, according to a statement from College of Marin.
The statement goes on to say, "College of Marin's primary objective at this point is to ensure that the integrity and assets of the college are protected while the external audit continues. College of Marin wants to assure donors and students that continuing good stewardship is its utmost priority.
"At no point in time has College of Marin requested that funds held by the Foundation be used for any other purpose than the donors’ intent.
"College of Marin intends to continue working with KPMG LLP auditors towards resolution of any issues and will make the findings public when the audit is complete."
The Marin Independent Journal reported that the Foundation directors resigned due to a deteriorating relationship with college trustees during the audit.
The Foundation operates independently from the college and is a separate 501(c)(3) non-profit corporation with a separate board of directors that was formed in 1964 to raise money for student scholarships and otherwise provide financial support to College of Marin, according to a statement from College of Marin.
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