New College alumni threaten to sue for clarity on donations

[Zorro]

They allege the school may have used restricted donor funds to pay for ballooning expenses.

Four former board members of the New College Foundation threatened to sue the school’s leadership Thursday, alleging that it inappropriately used donor money to pay for the school’s athletic program and President Richard Corcoran’s nearly $700,000 salary.

The draft complaint, emailed to New College leadership, alleges that Corcoran and foundation head Sydney Gruters may have used more than $1 million in foundation funds against the wishes of the original donors to pay for the school’s growing financial reliance on its endowment.

The New College Foundation is a direct support organization, a separate legal entity from the school that collects and distributes donations on behalf of New College.

Among the prospective plaintiffs is former alumni association chairperson Ben Brown, who resigned from the foundation board in March, citing concerns of mismanagement. Brown said the foundation refused to allow directors who oversee its operations the chance to review financial documents indicating the original intent for donated funds.

https://www.tampabay.com/news/education/2025/05/22/new-college-foundation-donations-lawsuit-richard-corcoran/

Is there anyone who's surprised that New College's leaders just might be misusing foundation funds for something other than for what they are intended?

[Norrrm]

1. "refused to allow directors who oversee its operations the chance to review financial documents"

That's a hint...... More than...