The University of Colorado and CSU are state universities. Therefore, when either school receives a monetary donation, that money becomes public property. The general public and those who donate money to higher education deserve to know how the money is being spent at the state's schools of higher education.
House Bill 1041 would add the expenditures of state university foundations into the Colorado Open Records Act, making all spending records accessible to the public.
Just because CU has been in the media spotlight lately for misappropriating funds into "slush funds" to pay for coaches' country-club fees does not mean that it is the only university on which the bill focuses. The bill would change spending records for all of higher education. This bill could prevent spending scandals from happening in the future at other Colorado schools.
Some of the bill's opponents say that producing documents to show the public a record of expenditures might be expensive for universities. Any costs this bill incurs would be worth it if the law gave donors peace of mind. If donors knew exactly where their money was going, and that it was going toward a good cause, they would be apt to give more money.
If passed, this bill would serve as a watchdog over university spending. If spending is a public record, then the powers that have control might be less likely to spend donated funds inappropriately. Donors would be more confident that their money is being well spent and be encouraged to donate more.