Barry Fenchak, a Pennsylvania State University trustee, may not continue serving on the board after a subcommittee deemed him "unqualified and ineligible" for reelection. Fenchak has been involved in controversy, including legal battles over the university's financial details which he believes exhibit fiscal opacity. His lawsuit over rising endowment management fees, which increased significantly from 0.62% in 2013-14 to 2.49% in 2018-19, reflects his push for transparency. Fenchak plans to contest the board's decision while asserting that it aligns with Penn State's pattern of secrecy.
This is completely in line with Penn State's long-standing pattern with regard to trying to maintain their secrecy, and myself and our legal team will be evaluating these recent actions by Penn State and taking the appropriate actions in the court.
Fenchak sought to obtain more details on the university's rising endowment management fees, even filing a lawsuit for that information.
He argued that endowment management fees inexplicably climbed from 0.62 percent in 2013-14 to 2.49 percent by 2018-19.
His lawsuit is one of two brought against the university last year by trustees alleging a lack of transparency by the board.
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