MSU audit finds $400K missing from bookstore

The director of the Missouri State University bookstore resigned Aug. 17 after the school's internal auditors found more than $400,000 was unaccounted for during the past three years.

During a routine audit about two weeks ago, auditors discovered irregularities in the handling of cash at the bookstore, prompting university officials to search former bookstore Director Mark Brixey's desk. More than $81,000 in cash that Brixey was unable to account for was found, said MSU Interim President Clif Smart during an Aug. 20 news conference.

Following the discovery, auditors found additional monies were unaccounted for.

“We now have reason to suspect that Mr. Brixey transacted business off the regular books for multiple years by cashing checks payable to the university and keeping some or all of the cash," Smart said in a statement. "We have gone back three years, but at this time, we don’t know exactly how long this has been going on or the total amount of money missing.”

The missing funds from the bookstore - which has annual revenues of roughly $15 million - came from the sale and repurchase of textbooks, an "off the books" cash operation that went under the radar during previous audits, Smart said.

"This is a significant loss. It is frankly unacceptable," he said.

The matter has now been turned over to the Springfield Police Department. In a news release, SPD said the incident is being investigated as an embezzlement case, and no arrest has been made.

At MSU, the internal audit will continue and all cash operations at the school will be examined, Smart said.

Kent Thomas, special assistant to the president, has been named interim director of the bookstore, and he will report directly to Smart.  Brixey, who worked at the bookstore while attending MSU, became a full-time employee in 1991 and was named bookstore director in 2000.[[In-content Ad]]