There has been substantial media attention focused on the spending of the General Services Administration (GSA) in the past few weeks with scandalous photos and video clips surfacing on the internet and network news programs. From trips with little apparent business purpose to extravagant conferences, there is growing pressure for Congressional intervention into how the GSA spends its budget. While this specific scandal involves a federal agency, it does serve as a reminder for all of us entrusted with public funds that how we use those funds matters to the taxpayers and public. Fiduciary responsibility is one of the most important obligations we are entrusted with as an institution. Public scrutiny is at an all-time high and events like the GSA scandal will no doubt raise the bar of scrutiny from our own constituents and the media. Ensuring we are spending funds in a way that passes the test from an appearance standpoint has never been more important. Budgets are tight and most likely will be for the foreseeable future. Thinking about the purpose and ethics of how we spend our money is certainly a valuable use of time. We again suggest you review the events happening across our industry and consider the unique risks facing your area of responsibility. (more) |
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Last Updated: March 30, 2012