A snippet from the ongoing review of whether the University of Arkansas has been honest, accountable and transparent in handling questions about budget deficits in the advancement division.

From Arkansas Business, Dec. 3, 2012, in breaking news of the advancement mess:


[University of Arkansas Chancellor David] Gearhart said the division had a surplus of about $500,000 when he left it to take the top job on the Fayetteville campus.

From the legislative audit of the advancement division released this week:

At July 1, 2008,  the Advancement account balance was $200, 214, while the Foundation account balance was [negative] ($348,027), resulting in a combined deficit cash balance of ($147,813).

Gearhart became chancellor July 1, 2008.