Audit Proves Funds Misdirected At NC A&T

A state audit released this week documents more than a million dollars in fraud, mismanagement of federal grants and misuse of money at North Carolina A&T State University.

That includes $380,000 in vending receipts that officials say were diverted to a spending account of former Chancellor James Renick.

UNC system policy says the money was earmarked for scholarships, student financial aid, campus debt and student activities. The audit says the money instead was spent on commissions for art work, travel by Renick's wife, alumni events and a $150,000 annuity for an unidentified faculty member.

Renick stepped down from the job last year and is now a senior vice president at the American Council on Education in Washington.

A building under construction on campus was originally to bear Renick's name, but a university spokeswoman says it will now be named the School of Education Building.