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“CNR routinely failed to pay federal and state payroll taxes, flouted and ignored rules regarding use of federal grant money, overdrew its bank accounts, and depleted the majority of CNR’s endowment fund.”
“The defendant was literally the only person who knew the truth about CNR’s financial condition,” prosecutors state in a sentencing memorandum. “He was the only person who could have initiated a successful effort to save the college."
Borge detailed his version of the college’s decline in a sentencing memorandum and letter to a federal judge in which he asks for no jail time and no fine when he is sentenced on Aug. 28.
A letter signed by the college president and interim board chair said the school is still facing "significant cash flow challenges" stemming from a financial crisis that started to unravel in 2016.
The private college disclosed to bondholders in December that it is has reached a memorandum of understanding for “a potential strategic transaction” with an unnamed educational institution.
The college, which has been in the throes of a financial crisis since last fall, said that a committee will work to find a replacement for Judith Huntington, who stepped down in October.
The College of New Rochelle, which is investigating how it fell millions of dollars behind in taxes and other debts, received a boost this week...
The probe also revealed additional debts and liabilities of $11.2 million.
The College of New Rochelle board of trustees said the board accepted her resignation after being advised that the college had accrued “significant unmet financial obligations.”