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FSU booster club official accused of grand theft

By WTOP Staff

KAREEM COPELAND
Associated Press

TALLAHASSEE, Fla. (AP) — The comptroller of the athletic booster organization at Florida State University remained in jail Thursday, accused of misappropriating between $500,000 and $700,000.

Sanford Lovingood turned himself in to the Leon County Sherriff’s Office on Wednesday. He is charged with first-degree grand theft of over $100,000. The bond amount is listed at $25,000.

Lovingood told police he had been stealing money from the organization since 2011, according to the arrest affidavit written by officer Jared Lee.

Seminole Boosters Senior Vice-President Jerry Kutz said Lovingood was a 35-year employee and once held the title of chief financial officer. The two were friends for 33 years, even before Kutz began working with the organization.

“Surprised is an understatement,” Kutz said. “It just seems so out of character. We’re all stunned.

“There’s a side of you that feels compassion for he and his family and there’s a side of you that’s really angry. And that feeling changes from moment to moment.”

Lovingood said he had access to a Morgan Stanley account in which stock donations are made to the booster organization and then sold and turned into cash. He wrote checks from the account to the Schooner Development Co.

The Florida Department of State Division of Corporations lists Lovingood as the registered agent for the company, and the principal address for the business is the same as Lovingood’s home address. He told police that he used the stolen money to pay for his own investments and personal expenses.

According to the affidavit, Lovingood said he understood that he could not repay the money during his lifetime and thought he could repay it by willing property to the booster organization upon his death.

The report states that an “officer” of the Schooner Development Company contacted members of the booster organization Wednesday morning and told an attorney for the organization that Lovingood had stolen a large amount of money.

Kutz said there’s an insurance policy in place and all of the money will be recovered, but that isn’t his biggest concern.

“The trust of booster club members is critical to our mission of funding Florida State University athletics,” Kutz said. “We take that fiduciary responsibility very seriously. One breach in our organization’s history is one breach too many.

Seminole Boosters Chief Executive Officer and President Andy Miller said in a news release issued jointly by the club and Florida State University that 65-year-old Lovingood was terminated immediately. A forensic audit is underway to determine how much money is missing and how it was taken.

“We know what he did, but did he do anything else?” Kuntz said. “The fiduciary responsibility is to do a top to bottom examination of everything, including what safeguards are in place. For 35 years we haven’t had a problem, but one time is too many.

A Florida State spokesman said athletic director Stan Wilcox and the athletic department had no additional comment.

The organization provides financial support to FSU’s athletic program.

Jail records did not indicate whether Lovingood has retained a lawyer.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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