Vocaboly.com

[Free Cuba Now]

Maidique addresses FIU in China, accounting errors
Part two of a three-part series
By Harry Coleman / Editor in Chief
Published: Thursday, September 1, 2005



Q. Last year, the university sealed a deal to build a hospitality
school in China. How is that project going and when is it set to open?

I just saw pictures from construction a week ago. They are proceeding
at the rate of a floor per week. Right now, they are in the third floor
of an eight-story building. The expectations are for June of 2006. I
will be in Tianjin and the [city's] mayor will give me the keys to the
building.

Q. The university decided to pay an $11.5 million settlement with the
Department of Energy because they were investigating FIU due to
"accounting errors" within the Hemispheric Center for Environmental
Technology. How was the settlement reached, and why specifically $11.5
million (the energy department originally said $50 million were
missing)?

They made an exaggerated claim and we decided that some of their claims
they were making were unjustified and we were able to get them to come
down - not to where we wanted, but we wound up a lot higher than what
we expected.

Q. How is the university paying off this $11.5 million settlement?

We are paying this off over five years. The funds are not coming off
any current university account, but from changing the way we have
invested our working capital. We found that we can go up from 2.5 to 3
percent return to about 5 percent return. That deferential of 2 and 3
percent, which is something we have done because we've had a devolution
of authority that have allowed us to invest that money with whoever we
wanted rather than with the state. That gave us a very significant job
in return. That's how we are paying this off.

Q. As more construction keeps taking place at the University Park
Campus, there is less and less space for the development of future
buildings. Will the university ever try to persuade Miami-Dade County
legislatures to give a portion or the entire Tamiami Park to FIU?

Ultimately, whether it's under my administration or some president at
some point in the future, Tamiami Park has to become part of the
university. That requires a county-wide referendum with a majority vote
saying yes. We think that at some point, that will happen and that area
will be completely built.

Q. Now that you mention the words "some president at some point in the
future", how long do you plan to continue at FIU?

I feel great. I feel that the challenges here are extraordinary, so
there is never a boring or dull moment. This is the first year that we
will have Division I-A football and the first year that our students
get their bar results back. There are still so many exciting things
that I have trouble thinking that I will not be here.

Q. Are the challenges what drive you to continue as president?

The ability to contribute in a significant way to this community. We've
made a lot of progress and I'm real proud of all the people that have
been on the team and their contributions.

Look for part three of the interview in Monday's edition of The Beacon.


http://www.beaconnewspaper.com/media/paper540/news/2005/09/01/News/Maidique.Addresses.Fiu.In.China.Accounting.Errors-974068.shtml?mkey=350937