Even though the ISU Foundation has decided to keep its records closed, some critics are still hoping for a compromise.

When Gregory Geoffroy begins his term as ISU president next week, he will have to step into the middle of the Foundation fiasco.

Geoffroy said he thinks the way the Foundation currently works is fine, despite critics’ observations.

“The Foundation is a private foundation. I think that it’s appropriate that the detailed financial records remain closed,” he said.

The Foundation should search for ways to be as open as possible with its financial information, Geoffroy said.

One faculty member does not agree with the way the Foundation is run.

“I think a lot of people have been struck that it’s a little crazy that in an effort to get the Foundation to open up the books for some time and they claim they can’t do this,” said Laurent Hodges, professor of physics.

Hodges said the Foundation’s reasoning of keeping the records closed to keep fund-raising strategies secretive is flawed because other universities would appeal to their own alumni, not Iowa State’s.

“I don’t know what they’re worried about because usually alumni don’t donate to other institutions,” he said.

Geoffroy said, however, that donors have multiple philanthropic interests.

“It’s important that the strategies and fund raising be kept very confidential through the fund-raising process, or else it is quite possible the donors will lose interest in giving to Iowa State,” he said.

Hodges said he would like to donate money to Parks Library or the Physics Department, but does not want the money to go through the Foundation.

“They shouldn’t have to turn it over to this organization, which is now going to be a private organization,” he said.

The Foundation should have opened their books when the issue was being discussed several months ago, Hodges said.

Interim President Richard Seagrave said there are two types of records – records on how the university spends the money the Foundation raises and records that relate to building relationships with donors and strategies of seeking out donors.

Seagrave compared keeping the donors’ information private to other personal business transactions.

“If I go visit my attorney, I don’t expect they’ll tell the press,” he said. “It’s important to the efficacy of fund raising that certain donor records and spending relating to donor relationships be kept confidential. That’s a small part of the money that’s spent, but it’s a key part.”

Warren Madden, vice president for Business and Finance, said the support the Foundation provides Iowa State for university projects is public.

“Their funds come over here, and if you want to know how much the Foundation is providing, those are public records,” he said. “We won’t tell you – because we don’t have it – the donors and individual amounts, but if you want to know . about whatever project you’re interested in, we can tell you exactly how much money.”

Geoffroy said he will work very closely with the Foundation because fund-raising is very important for the university and is an important responsibility for the president.

Seagrave said it’s how the money is spent that is more important than what the Foundation does internally.

“President Geoffroy supports that, I support it, the Foundation supports it,” he said.

Hodges said he believes all transactions should be public record, however.

“Until they have open books, everybody’s going to be suspicious,” he said. “Let’s get it all out in the open.”