Is the Stevens Institute of Technology in Hoboken in trouble? According to the associated press, there are allegations that some of the trustees may have mismanaged endowments, and the state is seeking to remove the university’s president.
Their article states:
“Stevens Institute of Technology says New Jersey’s attorney general has threatened to appoint a monitor to oversee its finances amid allegations that its trustees mismanaged endowments.
“Stevens filed a lawsuit filed late Wednesday to pre-empt a lawsuit Attorney General Anne Milgram plans to file Thursday. The small private university in Hoboken questions whether Milgram has the legal right to take over its financial authority.
“A spokesman for Milgram says the state is seeking to remove Stevens president Harold L. Raveche (rah-VEE’-chee) from the board of trustees, along with board chairman Lawrence Babbio.”