Penn State University is telling a University Trustee who filed a Lawsuit against the University over access to financial records that even if he gets the information, the impact will be minimal at best. That’s included in Penn State’s new Response to the Lawsuit filed last month by University Trustee Barry Fenchak. According to Fenchak, who is a Licensed Investment Advisor, he’s been stonewalled in attempting to obtain information and financial records on the management of the University’s $4.6 Billion Endowment.
Fenchak claims he’s been told his questions are inappropriate and unreasonable, and he’d never been given the information. In Penn State’s Response, University Legal Counsel claims the information being sought about the endowment management fees do not materially impact the overall financial health of the Endowment. The University Response goes on to say: “Even if successful, any impact on the operation of the board and or University based upon his individual review of the limited information sought will be minimal at best and unequivocally not-substantial, especially in light of the fact that the Board has delegated P.S.I.C. fiduciary oversight of the University’s investment portfolio”. P.S.I.C is is the Penn State Investment Council and the University claims the information Fenchak is seeking is confidential to that organization.
No date has been set in Centre County Court on a hearing for the Lawsuit.