Education finds $250m of lost funds

Education finds $250m of lost funds

By Preeti Vasishtha

GCN Staff


MAY 30—The Education Department has recovered more than half of the $450 million the department's inspector general had identified as lost, Secretary Rod Paige told Congress.

Paige, in a May 23 letter to Congress, said Education recovered $250 million in duplicate payments and that the earlier figure is not a proper measure of the department's financial problems.

Nevertheless, Paige said, he would continue with his plans to improve the department's financial management and to speed the upgrade of its financial systems.

The department's inspector general calculated that more than $450 million apparently had been misused by the department since 1998 [www.gcn.com/vol20_no11/news/4275-1.html].

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