A recent audit’s findings indicate no wrongdoing by Brian Boulware, the chair of the Board of Trustees at Saint Augustine’s University. This new report contradicts a previous audit from 2023 that revealed a board member allegedly received a finder’s fee related to a loan to the university, which was characterized as a gift from the lender.
The university, facing challenges maintaining its accreditation, commissioned an independent audit to investigate claims surrounding Boulware and the alleged finder’s fees. This investigation follows reports that the North Carolina Attorney General’s Office is probing accusations regarding a $7 million loan linked to Boulware.
The allegations emerged from a lawsuit filed by Save SAU, a collective of historically Black university alumni and supporters. In contrast to prior financial audit documents, the latest findings declare that neither Boulware nor SAU received a finder’s fee during the loan transaction.
According to a report by WRAL, the audit found no accounting records to substantiate the existence of a finder’s fee. The Senior Officer with Bank OZK involved in the transaction affirmed that there had been no discussions or plans for compensation related to a finder’s fee for Boulware or any other party involved.
The audit highlighted a specific post-transaction between Boulware and a former university president, who mentioned the possibility of Boulware’s incurring such a fee. However, this speculation was not based on any formal agreement or documentation.
Ted Edwards, legal counsel for Saint Augustine’s University, expressed the institution’s commitment to transparency: “The university wants to do everything it can to instill public confidence and… get the true facts in a public arena.” He reiterated his belief that board members have acted in good faith throughout the university’s recent turmoil.
Saint Augustine’s University has faced mounting challenges, including staff layoffs and missed payrolls earlier this year, as it strives to regain its accreditation following a probationary period imposed by the Southern Association of Colleges and Schools Commission on Colleges.
