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  • USOC UNCOVERS FUND MISAPPROPRIATION AT USA BOXING

         A USOC audit has uncovered "numerous instances" of
    misappropriated USOC grant money at USA Boxing from '91 to '96,
    according to Mike Spence in the Colorado Springs GAZETTE-
    TELEGRAPH.  Although the audit hasn't been finalized, early
    figures point to USA Boxing misapplying more than $2M in USOC
    grants.  The "irregularities" surfaced Wednesday when USA Boxing
    mailed notices to its Board of Governors informing them of the
    situation.  With auditors "still crunching numbers," USA Boxing's
    total liability could grow.  A rough draft with estimated dollar
    figures will be made available to USA Boxing for its annual
    meeting September 18-21, in Houston.  The entire audit is
    expected to be completed by the end of September.  USOC Exec Dir
    Dick Schultz said USA Boxing's memo to its Board was premature,
    but the irregularities were enough to prompt him to suspend
    funding to USA Boxing three weeks ago.  Schultz: "I'm a little
    surprised that they (USA Boxing officials) would send something
    like that out to their board before the audit was over."  A
    source at USA Boxing told the GAZETTE-TELEGRAPH the audit
    uncovered a pattern by USA Boxing of billing the USOC for
    expenses already paid for by sponsors, and keeping profits from
    events.  USA Boxing President Jerry Dusenberry said the discovery
    could lead to criminal charges (Colorado Springs GAZETTE-
    TELEGRAPH, 9/6).
    

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