As New College's financial oversight unraveled, critics were removed [View all]

Two former top finance officers for the school’s foundation were ousted. So were two members of its board.

Two former top finance officers at the New College Foundation say they were ousted in 2023 after pushing back against college administrators who sought to use donor-restricted funds to cover President Richard Corcoran’s salary and benefits — a move they said would violate the terms of the donations.

Ron McDonough, the foundation’s former director of finance, and Declan Sheehy, former director of philanthropy, said they warned administrators not to misuse a major gift — the largest donation in the school’s history — which they said was not intended to fund administrative salaries.

Both said their contracts were terminated after they raised concerns internally.

“The college was trying to find the money to pay the president,” McDonough said. “And I kept on going back, saying, ‘We don’t have this unrestricted money.’”

The accounts of their final days on the job, shared publicly for the first time with Suncoast Searchlight, come as former foundation board members and alumni demand greater transparency and accountability from New College amid rising costs and sweeping institutional change.

https://www.tampabay.com/news/education/2025/06/09/new-college-foundation-donations-finances-richard-corcoran-sarasota/

Want transparency and accountability from a Republican? Dream on. Transparency and accountability are for suckers and Democrats.