Auditor: $2M in hidden bonuses at University of Missouri

Missouri Auditor Nicole Galloway yesterday released an audit showing University of Missouri gave out more than $2 million in hidden bonuses.

During the past three years, the audit found the school system doled out over $1.2 million in performance incentives to top university officials without notifying the public and without clear criteria. Former Chancellor R. Bowen Loftin was paid thousands of dollars after he resigned even though he had no work responsibility, according to the audit.

"These administrators appear to have forgotten that the university is a public institution and that they are accountable to taxpayers, students and their families," Galloway said at a news conference.

Mun Choi, UM system president, said in a statement that executive compensation and performance bonuses are "critical to our capacity to attract and retain top leaders in what is an extremely competitive national higher education market." He noted the system would work to make such payments more transparent.

Read more from The Associated Press.