Posted on 05/01/2006 7:44:39 PM PDT by NormsRevenge
University of California officials said Monday they are fixing the tax forms of more than a dozen executives, after an audit found their pay wasn't reported correctly.
UC President Robert C. Dynes said he and 19 other senior managers will get corrected W-2 forms for benefits the university did not properly report as taxable compensation.
UC executive pay has been an issue for several months following a series of articles in the San Francisco Chronicle reporting that UC quietly paid top leaders millions in stipends and other compensation at a time when student fees were being hiked to offset state funding cuts.
An independent audit recently found that UC administrators kept some details of compensation packages from the public and its own governing board.
The audit also found problems with some W-2 forms. In some cases, taxable gross income was overstated, meaning employees overpaid taxes. In other cases, leased automobiles, temporary housing or life insurance wasn't reported.
Dynes noted the corrected tax forms reflected administrative errors by the university, not wrongdoing by the senior managers involved. He called the corrected tax forms a "first step" toward correcting problems identified in the audit and said he will present more options to be considered when UC regents meet later this month.
No wrong doing connected to this, just administrative error. That must be the latest term for fraud.
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