
Using public funds for trips to the 2022 Gator Bowl, consistent overspending and “questionable” financial transactions by a University of South Carolina office and its affiliates, are among findings in a critical new report by the state’s Legislative Audit Council . The University of South Carolina in Columbia. The audit — which investigated USC’s Office of Economic Engagement and its work with the USC/Columbia Technology Incubator and the South Carolina Research Foundation — was performed at the request of a bipartisan group of lawmakers in 2022. An investigation spanning 26 months found that the university’s Office of Economic Engagement had misspent $1.7 million of grant money and potentially violated state ethics codes. USC’s Office of Economic Engagement , which is a self-proclaimed intersection of industry, research and policy with the goal of innovating and meeting industry needs, had other problems, too, the audit showed. The incubator’s role is to support Columbia-area businesses. Though connected, the incubator is independent from the university. The USC office failed to comply with federal grant regulations, failed to disclose a conflict of interest, consistently exceeded its budget by thousands of dollars and spent taxpayer money on football bowl games and golf tournaments for an employee, according to the Dec. 5 report . Local news has never been this personal. Free to download. Subscribers enjoy unlimited access. And despite receiving more than $10 million in grant funding between 2018 and 2023, the office never had a grant administrator to properly manage its money, instead relying on other university factions, like the College of Engineering and Computing. But the university doesn’t agree with all of the audit’s findings, including the time it took to perform the audit and “the methodology employed, and a number of the findings and recommendations contained in the (report),” USC President Michael Amiridis wrote, as the university had already moved to correct many of the problems identified in the report. South Carolina received $48,467,924 in Governor’s Emergency Education Relief funds by the U.S. Department of Education to provide assistance in response to the COVID-19 pandemic, $6 million of which was given to USC to establish Apple computer labs statewide. USC’s Office of Economic Engagement was responsible for the project, and the S.C. Department of Administration was supposed to monitor any expenditures. The university did open eight computer labs in across the state, though the audit said it failed to consider counties will less access to reliable broadband internet. But about $1.7 million of the that money was spent on “questionable” transactions, the report found. $400,000 for marketing the labs, some of which was spent in 2023 to market the office itself $286,553 for salaries and benefits for eight office employees who said they never worked on the grant, despite previously signing reports that they had $237,500 for a computing systems membership, which benefited USC, instead of the computer labs for which the money was intended $149,835 for a research database and expert portal that was not fully accessible as of June 2024 $4,589 for Apple Watches for 11 staff members of USC’s Palmetto College. According to the report, the money USC spent on marketing was through a contract with a public relations firm whose chairman and former CEO was a friend of the Office of Economic Engagement’s management. USC’s Office of Economic Engagement was also consistently over budget, the audit found. In five of the six years studied, the office had expenses that exceeded its funding, with deficits as high as $846,647 one year. It would have topped $1 million, if it hadn’t been for the governor’s emergency funding, the audit said. The report also noted that six of 162 travel reimbursements paid to office employees from 2019 through 2023 were for one employee to attend two galas and four sporting events, including golf tournaments and the 2022 Gator Bowl in Jacksonville, Florida. The office claimed that the gala trips were “reasonable travel expenses” for outreach and networking for USC; that the golf tournament trips promoted corporate and industry engagement; and that the trip to the Gator Bowl was justified because the employee had hosted a businessperson and their family to discuss internship opportunities and potential partnership at the university’s future health sciences campus. According to the report, that businessperson denied attending the 2022 Gator Bowl. Five other reimbursements were paid to an employee who lived out-of-state to attend meetings in Columbia. The university said it will follow-up on the audit’s conclusions regarding this spending. USC and the USC/Columbia Technology Incubator have worked together since 2015, via a partnership of shared ideas, resources and personnel time, according to the audit, and used memorandums of understanding. Agreements between the two led to “vague” financial boundaries, allowing them to transfer money to each other without sufficient oversight, including two instances of the Incubator’s incorrect use of USC procurement cards. Employee compensation and responsibilities between the two were also murky. The report was also critical of the incubator’s practices, and claimed it had little oversight by its board of directors and had a “poor graduation rate” of its member businesses. The incubator, according to the report, failed to comply with nonprofit best practices and IRS guidelines. And its tax filings have been consistently filed late, have missing information and discrepancies. The incubator’s facilities also fell into disrepair and the city of Columbia terminated its lease. Member businesses complained of health and safety issues like rats, faulty wiring, broken smoke alarms, mold, loiterers and “human excrement” outside of building. The university has “disengaged” with the incubator for the time being. The State has reached out to the incubator for comment. Despite the issues found in the audit, the council concluded that USC’s Office of Economic Engagement does not need to be eliminated. In a six-page letter dated Dec. 4, Amiridis wrote that while the university welcomes reviews of its practices to identify potential waste or abuse of taxpayer resources, the university disagreed with some of the findings. The university argued that the grant expenditures questioned in the audit were “permissible and appropriate,” and that many of the recommendations in the report apply to outside organizations, not USC itself. Between the time Amiridis began his tenure as USC’s president in July 2022 and when the audit was requested that September, he had already implemented new leadership and changes to the business practices of the Office of Economic Engagement. More than half of the audit’s recommendations did not apply directly to the university, the university pointed out. “Regardless, USC accepts responsibility for and has already resolved the issues giving rise to the substance of (the Legislative Audit Council’s) Recommendations,” Amiridis wrote. University spokesman Jeff Stensland declined to comment further on the report, citing the president’s letter as the university’s official response. “The University of South Carolina is committed to prudent use of taxpayer funds,” Amiridis wrote. “The important work of (the Office of Economic Engagement) in forging new business partnerships and encouraging innovation and entrepreneurship is essential to the University’s mission of serving the State.” Amiridis wrote that necessary changes had already begun prior to the audit, and new leadership is working to make the office “more efficient and more productive.” Get our local education coverage delivered directly to your inbox.
Vaigai needs a thorough cleaning from the hills to the seaHyperconnected employees experiencing ‘dark side’ of digital work
CHANTILLY, Va.--(BUSINESS WIRE)--Dec 16, 2024-- Amentum Holdings, Inc. (“Amentum” or the “Company”) (NYSE: AMTM), a leading advanced engineering and technology company, today announced results for the fiscal year ended September 27, 2024, and affirmed its outlook for fiscal year 2025. “We reported strong results for fiscal year 2024, delivering top-line and bottom-line growth,” commented Amentum Chief Executive Officer John Heller. “2024 was a significant year in our Company’s history, culminating in the merger of Amentum with Jacobs’ Critical Mission Solutions and Cyber & Intelligence businesses to create one of the strongest advanced engineering and technology companies in the industry. Today, over two months since the merger, we continue to be excited about the combined strength of these two historic businesses. We have transformed Amentum into a larger, more diversified company with broader customer reach and capabilities to deliver greater value to the world’s most complex challenges. In fiscal year 2025 we already see positive momentum and are confident in our outlook.” GAAP Results GAAP revenues, which exclude Jacobs' Critical Mission Solutions and Cyber & Intelligence (CMS) businesses, increased 7% year-over-year driven by new contract awards and growth on existing programs. GAAP operating income increased primarily as a result of a non-cash impairment charge that was recognized during fiscal year 2023. Operating income also benefited from reduced intangible amortization expense and the higher revenue volume. GAAP net loss and diluted loss per share improved year-over-year due to the higher operating income and a gain on the acquisition of a controlling interest, partially offset by higher interest expense and a loss on extinguishment of debt. Pro Forma and Non-GAAP Results Pro forma revenues, which include the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, increased 4% year-over-year driven by new contract awards and growth on existing programs partially offset by the expected ramp-down of other historical programs. Pro Forma Adjusted EBITDA increased 7% year-over-year primarily due to the higher revenue volume and improved operating performance. Pro Forma Adjusted Net Income and Adjusted Diluted Earnings Per Share increased due to the higher operating income partially offset by increased tax expense. Backlog and Contract Awards As of September 27, 2024, the Company had a total backlog of $45.0 billion, compared with $26.8 billion a year ago, an increase of $18.2 billion primarily due the addition of backlog from CMS. Funded backlog as of September 27, 2024 was $7.6 billion. Notable Fiscal Year 2024 Awards Fiscal Year 2025 Guidance Amentum affirms its fiscal year 2025 guidance originally presented at Capital Markets Day on August 13, 2024 and provides Adjusted Diluted Earnings Per Share (EPS) guidance. Webcast Information Amentum will host a conference call beginning at 8:30 a.m. Eastern time on Tuesday, December 17, 2024 to discuss the results for the fiscal year ended September 27, 2024. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the Amentum website at ir.amentum.com . After the call concludes, a replay of the webcast can be accessed on the Investor Relations website. About Amentum Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, inclusion and well-being are integral to success. Headquartered in Chantilly, Virginia, we have more than 53,000 employees in approximately 80 countries. Visit us at amentum.com to learn how we advance the future together. Cautionary Note Regarding Forward Looking Statements This release contains or incorporates by reference statements that relate to future events and expectations and, as such, could be interpreted to be “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including projections of financial performance; statements of plans, strategies and objectives of management for future operations; any statement concerning developments, performance or industry rankings relating to products or services; any statements regarding future economic conditions or performance; any statements of assumptions underlying any of the foregoing; and any other statements that address activities, events or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others: changes in U.S. or global economic, financial, business and political conditions, including changes to governmental budgetary priorities; our ability to comply with the various procurement and other laws and regulations; risks associated with contracts with governmental entities; reviews and audits by the U.S. government and others; changes to our professional reputation and relationship with government agencies; the occurrence of an accident or safety incident; the ability of the Company to control costs, meet performance requirements or contractual schedules, compete effectively or implement its business strategy; the ability of the Company to retain and hire key personnel, and retain and engage key customers and suppliers; the failure to realize the anticipated benefits of the 2024 transaction with Jacobs Solutions Inc.; potential liabilities associated with shareholder litigation or other settlements or investigations; evolving legal, regulatory and tax regimes; and other factors set forth under Item 1A, Risk Factors in the annual report on Form 10-K (the “Annual Report”), and from time to time in documents that we file with the SEC. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the discussions under the section entitled “Risk Factors” in the Annual Report. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Pro Forma and Non-GAAP Measures This release includes the presentation and discussion of pro forma financial information that incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X. This release also includes the presentation and discussion of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income, Pro Forma Adjusted Diluted Earnings Per Share, and Free Cash Flow, which are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These pro forma and non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as substitutes for, financial information prepared in accordance with GAAP. Management of the Company believes these pro forma and non-GAAP measures, when read in conjunction with the Company’s financial statements prepared in accordance with GAAP and, where applicable, the reconciliations herein to the most directly comparable GAAP measures, provide useful information to management, investors and other users of the Company’s financial information in evaluating operating results and understanding operating trends by adjusting for the effects of items we do not consider to be indicative of the Company’s ongoing performance, the inclusion of which can obscure underlying trends. Additionally, management of the Company uses such measures in its evaluation of business performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of financial results from period to period. The computation of pro forma and non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability. Definitions of applicable non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided elsewhere in this release. AMENTUM HOLDINGS, INC. UNAUDITED PRO FORMA NON-GAAP FINANCIAL MEASURES The presentation and discussion of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income, Pro Forma Adjusted Diluted EPS, and Free Cash Flow are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as a substitute for, financial information prepared in accordance with GAAP. Management believes these non-GAAP measures, when read in conjunction with our consolidated financial statements prepared in accordance with GAAP and the reconciliations herein to the most directly comparable GAAP measures, provide useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability. Pro Forma Adjusted EBITDA is defined as pro forma net (loss) income attributable to common shareholders, which incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, adjusted for pro forma interest expense and other, net, pro forma (benefit) provision for income taxes, pro forma depreciation and amortization, and excludes the following discrete pro forma items: Pro Forma Adjusted EBITDA Margin is defined as Pro Forma Adjusted EBITDA divided by Pro Forma Revenues. Pro Forma Adjusted Net Income is defined as pro forma net (loss) income attributable to common shareholders, which incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, excluding the discrete pro forma items listed under Pro Forma Adjusted EBITDA and the related pro forma tax impacts. Pro Forma Adjusted Diluted EPS is defined as Pro Forma Adjusted Net Income divided by pro forma diluted weighted average number of common shares outstanding. Free Cash Flow is defined as GAAP cash flow provided by operating activities less purchases of property and equipment. AMENTUM HOLDINGS, INC. UNAUDITED PRO FORMA NON-GAAP FINANCIAL MEASURES (in millions, except per share data and margin percentages) The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the fiscal year ended September 27, 2024: AMENTUM HOLDINGS, INC. UNAUDITED PRO FORMA NON-GAAP FINANCIAL MEASURES ( in millions, except per share data and margin percentages) The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the fiscal year ended September 29, 2023: AMENTUM HOLDINGS, INC. UNAUDITED PRO FORMA NON-GAAP FINANCIAL MEASURES (in millions, except per share data and margin percentages) The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the quarter ended September 27, 2024: AMENTUM HOLDINGS, INC. UNAUDITED PRO FORMA NON-GAAP FINANCIAL MEASURES (in millions, except per share data and margin percentages) The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the quarter ended September 29, 2023: View source version on businesswire.com : https://www.businesswire.com/news/home/20241216401951/en/ CONTACT: Investor Relations Contact Nathan Rutledge IR@amentum.comMedia Contact Roela Santos Roela.Santos@amentum.com KEYWORD: VIRGINIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENVIRONMENT OTHER DEFENSE HOMELAND SECURITY CONSULTING OTHER ENERGY PROFESSIONAL SERVICES PUBLIC POLICY/GOVERNMENT ENERGY STATE/LOCAL DEFENSE SOURCE: Amentum Holdings, Inc. Copyright Business Wire 2024. PUB: 12/16/2024 04:30 PM/DISC: 12/16/2024 04:28 PM http://www.businesswire.com/news/home/20241216401951/en
DALLAS , Dec. 24, 2024 /PRNewswire/ -- NexPoint Real Estate Finance, Inc. (NYSE: NREF) (the "Company") today announced a dividend for its 8.50% Series A Cumulative Redeemable Preferred Stock (NYSE: NREF PRA) of $0.53125 per share. The dividend will be payable on January 27, 2025 , to stockholders of record at the close of business on January 15, 2025 . About NexPoint Real Estate Finance, Inc. NexPoint Real Estate Finance, Inc., is a publicly traded REIT, with its common stock and Series A Preferred Stock listed on the New York Stock Exchange under the symbol "NREF" and "NREF PRA," respectively, primarily focused on originating, structuring and investing in first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties and common equity investments, as well as multifamily and single-family rental commercial mortgage-backed securities securitizations, promissory notes and mortgage-backed securities. More information about the Company is available at nref.nexpoint.com . CONTACTS Investor Relations Kristen Griffith IR@nexpoint.com Media Relations Prosek Partners for NexPoint pro-nexpoint@prosek.com View original content to download multimedia: https://www.prnewswire.com/news-releases/nexpoint-real-estate-finance-inc-announces-series-a-preferred-stock-dividend-302339003.html SOURCE NexPoint Real Estate Finance, Inc.
QND celebration of our journey, commitment to our future visionTrump vows to pursue executions after Biden commutes most of federal death row
Revanth dares Modi and KCR on crop loan waiver scheme
Trump vows to pursue executions after Biden commutes most of federal death row
Anthony Edwards’ leadership had to take another step forward this week for Timberwolves
Experts urge stronger collaboration in cybersecurity among OIC nations Islamabad:The Secretariat of the Organisation of Islamic Cooperation’s (OIC) Standing Committee on Scientific and Technological Cooperation (COMSTECH) hosted a two-day international workshop on the ‘Cybersecurity Landscape in OIC Countries: Issues and Prospects’ at its headquarters in Islamabad. The workshop, which began on Tuesday, was jointly organized by COMSTECH and Huawei Technologies Pakistan Pvt. Ltd., focusing on addressing the critical challenges and opportunities in the realm of cybersecurity across the OIC member countries. The event attracted a distinguished lineup of cybersecurity experts from various OIC nations, including Fazlan Abdullah, Acting Head of the Pre-Emptive Technology & Services Division at Cybersecurity Malaysia; Fakhri Jafarov, Head of the Malware Research Laboratory, Azerbaijan Government CERT; Askar Dyussekeyev of KZ-CERT, Kazakhstan; Prof. brahim Sogukpnar, Professor of Cybersecurity at Gebze Technical University, Turkiye, and Zareefa S. Mustafa, Manager of the Cybersecurity Department at Nigeria’s National Information Technology Development Agency. Addressing the inaugural ceremony, Chairman Pakistan Telecommunication Authority, Major General (r) Hafeez-ur- Rehman emphasised the importance of joint cyber security initiatives at the national and international levels. Highlighting the importance of promoting international cooperation and highlighting the commitment of Pakistan and PTA for a secure digital future. In his address ,Prof. Dr. M. Iqbal Choudhary, Coordinator General of COMSTECH, proposed an OIC Ministerial conference on cyber security which will help all OIC countries to establish an experience sharing platform to build a good defence system for Cyber space which will benefit all OIC countries and other part of the world while sharing Sharing various ongoing and future initiatives of COMSTECH, he also announced to organize two global cyber security forums in Central Asia and Africa in collaboration with Huawei and OIC-CERT, focusing on capacity building and fostering Linkages This workshop marks a significant milestone towards securing a safer digital future for OIC member countries as they unite to address the ever-evolving challenges of cybersecurity in a rapidly digitalizing world.Over Rs20bn uplift schemes approved LAHORE:Provincial Development Working Party (PDWP) approved 10 development schemes amounting to Rs20.678 billion. The schemes were approved in the 52nd meeting of the PDWP. The meeting was presided over by Chairman, P&D Board, Barrister Nabeel Ahmad Awan. The approved schemes included Construction of Flyover at Railway Phatak Chak RS Shujabad Expressway, District Multan at the cost of Rs1.505 billion, Rehabilitation of Sangla Hill to Sukheki Road in District Nankana Sahib at the cost of Rs1.626 billion, Rehabilitation and improvement of Bhera Bhalwal in Sargodha at the cost of Rs1.095 billion, Re-construction of road from Hafizabad to Sukheke Mandi in District Hafizabad at the cost of Rs976.975 million. Improvement of roads from MC Limits up to Ring Road Faisalabad (Road Work) (A) Faisalabad-Jaranwala Road, (B) Faisalabad-Satiana Road, (C) Faisalabad-Jhang Road, (D) Faisalabad-Samundri Road, at the cost of Rs1.413 billion, Rehabilitation of road from Nankana Sahib to Shahkot, in District Nankana Sahib at the cost of Rs2.329 billion, Rehabilitation of Jhang-Gojra Road at the cost of Rs1.656 billion, Re-construction / rehabilitation of Khurrianwala-Jaranwala Road at the cost of Rs874.476 million, construction of New Campus of Government Engineering Academy Punjab at the cost of Rs1.617 billion, and provision of infrastructural, academic and operational facilities to the Punjab University of Technology Rasul, MB Din at the cost of Rs7.584 billion. The meeting was attended by Secretary, P&D Board, Dr Asif Tufail, Chief Economist Masood Anwar, members of the P&D Board, and other senior officials. ation with the contractors should be ensured to achieve the goals.
KALAMAZOO, Mich. (AP) — Zahir Abdus-Salaam ran for a touchdown and caught another as Western Michigan defeated Eastern Michigan 26-18 on Saturday to become bowl eligible, snapping a three-game losing streak. Abdus-Salaam scored on a 22-yard run for a 23-8 lead in the third quarter and he celebrated by jumping into a snowbank bordering the end zone. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.