JANE SANDERS RESIGNS PRESIDENCY OF BURLINGTON COLLEGE, REACHES SETTLEMENT (HRC GP)

[Her Sister]

3. Jane Sanders Withheld Information From Burlington College Donors While Overstating Their Pledges

Former Burlington College president Jane Sanders overstated donation amounts in a bank application for a $6.7 million loan that was used by the college to purchase a prime 33-acre property on Lake Champlain in 2010.

Sanders told People’s United Bank that the college had $2.6 million in pledged donations to support the purchase of the former Roman Catholic Diocese of Burlington property on North Avenue. The college, however, received only $676,000 in actual donations from 2010 through 2014, according to figures provided by Burlington College.

That’s far less than the $5 million Sanders listed as likely pledges in the loan agreement, and less than a third of the $2.14 million Sanders had promised People’s Bank the college would collect in cash during the four-year period.

Two people whose pledges are listed as confirmed in the loan agreement told VTDigger that their personal financial records show their pledges were overstated. Neither were aware that the pledges were used to secure the loan.

Burlington College also cited a $1 million bequest as a pledged donation that would be paid out over six years, even though the money would only be available after the donor’s death.

http://vtdigger.org/2015/09/13/jane-sanders-overstated-donation-amounts-in-loan-application-for-burlington-college/