UW Uses Federal Money to Pay off Loan

Argh.

The University of Wisconsin System will use federal money to pay off bank loans taken out by the UW-Oshkosh Foundation, according to agreements released Friday.

The UW System paid $6.3 million to banks using federal money designated for administrative costs — meaning no state taxpayer money or tuition dollars, according to UW System spokeswoman Heather LaRoi. This money comes from reimbursements for administrative costs already incurred by the UW System related to federal grant activity at UW campuses.

At the close of fiscal year 2018, the UW System had about $9.5 million in federal money from this fund that had accrued over the last decade, according to LaRoi.

UW-Oshkosh will pay back the UW System $3.825 million in annual installments of $191,250 from January 2020 through July 2038, according to the agreement. The annual payments will be made with money from the Witzel biodigester, which turns organic waste into energy. The UW System Board of Regents assumed ownership of the biodigester along with the UW-Oshkosh Alumni Welcome and Conference Center.The payments related to the bankrupty case stem from a building projects controversy surrounding the university’s foundation, a nonprofit organization primarily funded through private donations and investments to help the university.

Remember that this is all because the former chancellor illegally backed loans by a private institution with taxpayer money. That private institution, the UW) Foundation, subsequently bought his house for way above market price. And in the end, who pays? The taxpayers. Meanwhile, take note that the UW System continues to horde slush funds.

This is also yet another example of how much of our money the federal government pisses away. Why in the world are they handing out millions to a university system for “administrative costs?”

3 Responses to UW Uses Federal Money to Pay off Loan

  1. Kevin Scheunemann says:

    Wonder if AOC will say how wonderful this is?

    Socialists make me scream with their irresponsible attitudes.

  2. dad29 says:

    Owen, Owen, Owen……..I’m disappointed in you.  How many times do you have to be told that Federal money is FREEEEEEEEEEEEEEEEE!!!!

    And you still don’t get it.  For shame!

  3. jjf says:

    And who oversees the chancellors?  Why aren’t you pointing at them?

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