MARCH 1, 2023 • VOLUME 93 • ISSUE 17
The official student newspaper of Quinnipiac University since 1929
By ALEX MARTINAKOVA and LILY PHILIPCZAK
Quinnipiac University’s Central European Institute held a conference about the humanitarian crisis in Ukraine in the wake of the Russia-Ukraine War on Feb. 25 in the Mt. Carmel Auditorium in the Center for Communications, Computing and Engineering. President Judy Olian opened the event with a short speech following a few initial comments from CEI Director Christopher Ball. “This is a somber moment, commemorating a year-long invasion of Russia on Ukraine,” Olian said. “We have to remember that this is not a happy anniversary, and there is nothing to celebrate other than the admiration and resilience of the Ukrainians.” The event, titled “Passing the One-Year Mark: How the Ukrainian Displacement Crisis Shapes European and American Policy,” was sponsored by the Novak Family Polish Chair and multiple student-run organizations, including the Quinnipiac Democrats and College Republicans. The conference featured multiple panels and speakers, including scholars, diplomats, global policy experts and lawmakers such as Connecticut Sen. Richard Blumenthal. Not a single chair in the auditorium was unoccupied. Many guests trickled in and out as the panels progressed, listening to the panelists talk despite the snowy weather. Blumenthal talked about his recent visits to the war-torn country. He said he met with Ukrainian President Volodymyr Zelenskyy both before and after the war began. “America has really come together in
Quinnipiac hosts global officals to mark anniversary of war in Ukraine
CASEY WIEDERHOLD/CHRONICLE
See UKRAINE Page 2
Audit shows ‘significant deficiencies’ in QU’s financial recordkeeping By CAT MURPHY Associate News Editor
Quinnipiac University may have to buy out several students’ loans after repeatedly mishandling federal student loan documentation, according to the university’s annual independent financial audit. Released in January 2023, the university’s fiscal year 2021-22 audit report identified “significant deficiencies” in its internal management of major federal loan programs. Independent auditing firm Marcum LLP found that Quinnipiac officials were “unable to produce original promissory notes” for several students in loan repayment. Promissory notes are binding legal documents in which a borrower promises to repay a loan, according to the Department of Education. Without a promissory note, institutions can neither prove that a student agreed to pay back their loan nor enforce the loan. In effect, a paperwork mishap on an institution’s behalf can make student loans unenforceable. Federal regulations therefore require institutions to “keep the original promissory notes and repayment schedules until the loans are satisfied.” Alternatively, institutions must maintain copies of promissory notes if it cannot maintain the original note. Notes must also be kept in a “locked, fireproof container” and made accessible only to authorized person-
nel, per federal law. It is unclear if Quinnipiac officials followed these procedures. “The university does not comment on (inquiries) related to university finances,” wrote John Pettit III, associate director of public relations, in a statement to the Chronicle on Feb. 24. Per the audit, university officials could not locate at least six students’ loan notes. The FY 2021-22 audit report states that a “breakdown of controls” caused university officials to discard or misplace original
promissory notes during “departmental reorganizations” and “office moves.” Each of the six missing promissory notes originated between 1992 and 2011 and pertained to the Federal Perkins Loan Program, a since-ended, need-based federal loan program, according to the most recent audit. In 2019 the Department of Education began mandating colleges and universities to transfer to the U.S. government all Perkins loans that had not been repaid in at least two years. In doing so, the institution gives up its rights to collect payments on the loan, ac-
INFOGRAPHIC BY LINDSEY KOMSON
cording to the Department of Education. However, an institution cannot reassign loans without the original promissory notes. Accordingly, Quinnipiac officials cannot comply with the federal mandate if they cannot locate the students’ missing loan notes, per the audit. “Failure to maintain the original promissory notes puts the University at risk that the loans will not be accepted when assigned,” the auditor wrote. “We recommend strengthening controls around promissory notes and ongoing review of loan documents for federal loan recipients.” Notably, the university’s FY 2020-21 financial audit identified the same internal control deficiency. Marcum LLP found in 2021 that Quinnipiac officials were unable to produce original promissory notes for three of 25 students in federal loan repayment under the Perkins Loan Program. The original notes dated back to 1990, 1992 and 1995, according to the report. The university issued a corrective action plan at the time to address the deficiencies identified in the FY 20-21 report. The corrective action plan included a commitment to reviewing all remaining student loan records. The plan also stated that See AUDIT Page 2