City College president Lisa Coico abruptly resigned Friday, amid a federal investigation into her alleged mismanagement of university funds.
In May, the Times reported that the 21st Century Foundation, a nonprofit associated with CCNY that provides students with scholarships, paid for some of Coico's personal expenses. She reportedly spent $65,000 on furniture, $20,000 on a security deposit for her home in Westchester, and $51,000 on other expenses, including fruit baskets and housekeeping services. The Post reports that CUNY officials had retroactively permitted her spending but required her to repay the money.
The foundation was reimbursed for more than $150,000 by CUNY's Research Foundation, which raised suspicion among government and nonprofit wonks since that money is typically reserved for, well, research. In July, U.S. Attorney Robert Capers launched an investigation into both Coico and the 21st Century Foundation.
According to the Times, college officials received a letter saying they "must preserve, and may not alter" any documents related to Coico, her family, the 21st Century Foundation, and the research foundation dating back to 2010, the year Coico took office.
Last year, CCNY implemented deep budget cuts, affecting all of the university's departments.
Coico is a Brooklyn native and the first CCNY alum to serve as its president. Her bio on CCNY's website is still up as of Saturday morning and praises her for having "overseen a resurgence in academic excellence, student engagement, and faculty enhancement" at the college.
Gothamist has reached out to Coico for comment and will update if we hear back.