The Trial Balance is CFO.com’s weekly preview of stories, stats and events to help you prepare.
Part 1 — Former Siena Heights University CFO claims she was fired for finding fraud
Debi Andrews, the former CFO of Siena Heights University, a small Catholic college in Adrian, Michigan, claims she was fired for refusing to lie to the school’s board of directors about budget irregularities and for allegedly advising a colleague to file a sex discrimination complaint against university president Douglas Palmer.
According to the complaint, “had Andrews not opposed Defendants’ fraud and encouraged her coworkers to complain about [Palmer’s] discriminatory behavior, she would not have been terminated.”
The university said it is taking the allegations seriously but told MLive it cannot discuss pending litigation or personnel matters. It said it believes personnel decisions were made after “a thorough and careful review of the situation.”
Andrews, who took the position in February 2024, reported that athletic coaches were making improper check requests from “fundraising accounts.” She also said expenses were improperly labeled as student-related when money was being spent for personal use.
In the summer of that same year, just months into her role, Andrews opposed Palmer’s proposed budget because she claimed it was “not based on sound accounting.” She said she refused to lie to the board of directors about “what the university had done in order to secure the funding.” Days later, according to the complaint, she was placed on unpaid leave.
The case also details how Andrews and Palmer’s working relationship deteriorated after she advised a female administrator to file a sexual harassment complaint against Palmer. The unnamed employee’s working relationship with Palmer allegedly changed after the administrator refused to join him at a local bar. Though it isn’t clear how Andrews believes Palmer found out about the advice she gave to another employee, she links this as the second of two causes that ultimately led to her dismissal.
Andrews’ lawsuit also names the university’s former director of human resources Fran Johnson, saying she told others that Andrews was having inappropriate relationships with university staff in campus facilities. These allegations were used, according to the lawsuit, as the basis for a “retaliatory and unfounded investigation” launched after Andrews was placed on unpaid leave. In an interview with MLive, Johnson denied all allegations against her.
Siena Heights University’s financial impact is felt far beyond the university’s campus. The college is owned by the Adrian Dominican Sisters, who have notably led multiple shareholder activism campaigns at companies like Dicks Sporting Goods, Smith and Wesson and American Outdoor Brands Corporation. Their efforts, which have been backed by major investors like BlackRock, have led to changes around corporate responsibility, particularly around firearms.
Part 2 — This week
Here’s a list of important market events slated for the week ahead.
Monday, April 14
Tuesday, April 15
- Import price index, March
- Empire State manufacturing survey, April
Wednesday, April 16
- U.S. retail sales, March
- Industrial production, March
- Home builder confidence index, April
Thursday, April 17
- Initial jobless claims, week of April 12
- Housing starts, March
- Building permits, March
- Philadelphia Fed manufacturing survey, April
Friday, April 18
Part 3 — What CFOs can learn from the current state of cannabis
Among the content this week, CFO.com will publish two stories breaking down the financial state of the cannabis industry. Legal experts, fractional CFOs, business owners selling cannabis products and educators in cannabis accounting share insights on what finance leaders can learn from this rapidly evolving, capital-intensive and regulatory-strenuous sector.
