NC A&T foundation employee charged with embezzling $400K
GREENSBORO, N.C. — An employee of the N.C. A&T University Foundation has been charged with embezzling $400,000 from the organization over three years.
The foundation confirmed Shirlye Cornelia Grandy, 50, its former director of accounting, was charged Thursday with embezzlement, obtaining property by false pretenses, corporate malfeasance and computer fraud.
The instances appear isolated only to Grandy, according to the foundation’s interim director Shirley Frye.
“The Foundation is an independent entity that supports N.C. A&T University in a variety of ways, and this crime will in no way compromise any of the Foundation’s financial commitments to students, faculty and programs we support at the university,” Frye said in a statement.
Grandy was released on a written promise to appear in court, Greensboro Police told the News & Record.
The university issued a statement on Thursday in response to the criminal investigation:
“News of the recent arrest and criminal investigation of a N.C. A&T Foundation employee has left the university community stunned.
I am deeply disturbed about the facts surrounding the criminal investigation,” said Chancellor Harold L. Martin Sr. “We are invested in the success of the university’s associated entities and ensuring that this never happens again. Moving forward, our commitment to restoring trust within the university community—and among supporters, constituents and the public—is a priority.
In December 2013, Foundation staff alerted the university of accounting discrepancies and a subsequent investigation was launched. The Foundation operates as an independent 501(c) (3) associated entity of the university established to foster and promote the growth, progress and general welfare of the university.”
The full statement from Shirley Frye, Interim President, Foundation Board of Directors:
“In December, the Foundation discovered accounting discrepancies and immediately launched an investigation with help from outside counsel. We found that Ms. Grandy had misappropriated funds from an operating account to her personal account. As a result, we terminated Ms. Grandy, contacted the Greensboro police and hired a Big Four accounting firm to help us determine exactly what happened.
Investigators have determined that about $400,000 was stolen from the Foundation since 2011, and that the theft appears isolated to one employee who used her position of trust for her own personal gain. Moving forward, the Foundation will take whatever action necessary to recover the funds and ensure something like this doesn’t happen again.
The Foundation is an independent entity that supports N.C. A&T University in a variety of ways, and this crime will in no way compromise any of the Foundation’s financial commitments to students, faculty and programs we support at the university.”