The Fresno State Foundation, which controls more than $300 million in university endowments and grants, eliminated term limits for its board of governors in February 2022 and has been operating contrary to industry best practices in that key governance area for the past four years, The Fresno Bee has found.
In addition, at the time the term limit rule was dropped, the foundation board already was without staff/administration, faculty or student representation in violation of state regulations.
Both were among governance and operational issues highlighted in an advisory review by the California State University, which was released in January and found those weaknesses left the foundation vulnerable to financial misstatement or fraud…