HOBOKEN — The New York Times posted an article Tuesday about the New Jersey Attorney General’s lawsuit filed in September (as reported on at the time by the Reporter), making accusations about the Stevens Institute of Technology in Hoboken. Based on the AG’s jurisdiction over non-profits, they alleged that the university’s president, Hal Raveche, is overcompensated, that the university kept two sets of books to hide its deteriorating finances, and other issues.
The Times says:
Among surprises in the faculty’s 2004 report was that Stevens, which provides Dr. Raveché with a brick colonial residence with a view of the Manhattan skyline, had extended him three mortgage loans totaling $1.8 million for two vacation homes, one in Mount Snow Valley, Vt., and the other near the Jersey Shore. The suit calls those loans “unlawful.”
In a 2005 interview with The Chronicle of Higher Education, Dr. Raveché justified the loans by saying that he frequently used the two homes for college fund-raising events.
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