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USOC UNCOVERS FUND MISAPPROPRIATION AT USA BOXING
Published September 6, 1996
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).