Press-Democrat: SSU foundation’s private land loans
Acting with little oversight, SSU nonprofit invested tens of millions of donors’ dollars in private loans for more than a decade; now critics are asking why
When Ruben Armiñana arrived as president at Sonoma State University in 1992, the SSU Academic Foundation was a tiny organization that helped professors apply for federal grants.
A year later, Armiñana ordered the foundation be transformed into a fund-raising machine, ending its role managing academic grants and turning it into a vehicle that would ultimately be used to pursue his vision of building a $110 million music center on campus.
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