14 CapRadio board members resign, citing lack of support from Sac State after scathing financial audit
SACRAMENTO — More than a dozen Capital Public Radio board members resigned effective immediately Wednesday after a devastating audit revealed long-running financial issues.
Sacramento State confirmed 14 board members emailed their resignations to university President Luke Wood. Wood, in response to those emails shortly after 8:30 p.m., said:
"Thank you for your service and dedication to public broadcasting.
These resignations are accepted.
The University looks forward to working to ensure a stable future for Capital Public Radio."
CapRadio said on its website that among the resignees were the current board chair and officers. The board members' reasonings for resigning were Sac State's failure to "engage with the board in a good faith effort to resolve CapRadio's financial issues."
The financial audit comes one month after CapRadio laid off 12 percent of its staff.
The 33-page audit revealed multiple failures in management, like a $1.1 million loan for studio equipment taken out without CapRadio's board approval. The audit says CapRadio wasn't doing enough to get students involved in its operations, which is a key part of a campus broadcast organization. And, in a review of 20 cash receipts randomly picked, 18 did not have adequate documentation.
