New College of Florida president Richard Corcoran strengthened his control over the school’s $48 million endowment Wednesday after he dismissed two vocal critics at the New College Foundation — an independent organization responsible for collecting and distributing charitable donations on behalf of the school.
The move came just 26 hours after the school’s trustees voted to grant Corcoran unilateral power to remove members of the foundation board, over the objections of student and faculty trustees.
Critics say the departures clear the path for Corcoran to access restricted donations, typically reserved for scholarships and faculty positions, to fund his $1.1 million salary package and the school’s growing athletic program.
Former Sarasota Magazine editor in chief Susan Burns, a New College alumnus, was dismissed by Corcoran, according to a letter reviewed by the Tampa Bay Times. Accountant Larry Geimer, who served on the board’s finance committee, resigned at Corcoran’s request.
Administrators say the outgoing board members mismanaged foundation funds and potentially violated state sunshine laws prior to Corcoran’s appointment, prompting a need for greater oversight.
“The College and the Foundation remain committed to assembling a Board of Directors prepared to steward resources effectively, strengthen accountability, and support New College’s vision for the future,” New College spokesperson Nate March wrote in a text message Thursday.
Neither Geimer nor Burns responded to multiple calls and emails from the Times.
It’s not unusual for university presidents to have control over direct-support organizations like the New College Foundation, said New College general counsel David Brickhouse.
Seven of the state’s 12 public universities grant their presidents similar authority to remove foundation directors. Only New College, the University of South Florida and the University of Central Florida allow removal without cause.
The move at New College comes amid concerns that the school’s growth plans are outpacing the foundation’s budget, and that Burns and Geimer, who joined the board during the school’s prior administration, were among the lone voices questioning that spending and advocating for the board’s independence.
“Alumni confidence in the Foundation as a vehicle for giving is at a dangerously low level,” New College alumni association president Ben Brown wrote to the trustees ahead of Tuesday’s vote.
“The president, no matter who they are, will have the ability to dismiss the (foundation) board and in so doing bypass any meaningful oversight,” said Patrick McDonald, who represents New College faculty on the board of trustees.
“That I see as a real threat to the endowment, and I don’t see a benefit that outweighs that risk,” he added.
Before resigning Wednesday, Geimer expressed “grave concern” over the new fundraising responsibilities placed on the foundation by the school’s expanding budget during a foundation meeting.
“We’ve only been bringing in around $250,000 in purely unrestricted dollars and we now need over $2 million … between the new athletic program and additional presidential compensation,” Geimer said during a foundation committee meeting Wednesday.
“I can’t say enough great things about what President Corcoran has done to help save the university,” Geimer said, but “his responsibility was to raise money for his own salary.”
In an August foundation board meeting, Burns raised concerns over a $2.1 million deficit in the school’s unrestricted fund balance. In the meeting, she also pushed back against granting Corcoran control over the foundation board’s membership.
Members of the state’s board of governors, which oversees Florida’s public university system, have also raised recent concerns over the school’s spending spree.
Tensions between school administration and the foundation erupted in January 2023 after Gov. Ron DeSantis installed six trustees with a mission to overhaul the small liberal arts college.
The trustees brought on Corcoran — with a $1.1 million salary including bonuses and benefits — to improve the school’s faltering enrollment and lead the college in a more conservative direction.
According to an internal audit report, foundation directors improperly returned more than $500,000 in donations soon after Corcoran was selected to lead the school.
The audit, conducted by New College chief compliance officer Alexander Tzoumas, claimed that the foundation’s finance committee chair oversaw the fund’s $9.6 million deficit from2017 to 2023 — a role Geimer held at the time.
Tzoumas claimed the finance committee chair also approved the improper use of restricted donations to pay administrative salaries and expenses.
The committee chair and other members of the foundation board also broke state sunshine laws by discussing foundation finances outside of a public board meeting, according to the audit. Tzoumas was not able to clarify his claims in time for publication Friday morning.