The University’s controller, Terrence O’Connor, will take over as interim treasurer while the University reviews personal-bankruptcy cases of its current treasurer, Georgina Stephens.
Stephens was placed on administrative leave Oct. 20 after University officials learned of Stephens’ outside ongoing litigation.
Stephens, who began working for the University in August 1997, has been involved in foreclosure and bankruptcy proceedings as far back as 1989.
Although the litigation is not related to Stephens’ handling of University funds — $1.3 billion in cash and long-term University assets, as well as $533.3 million in University debts — University President Mark Yudof said the issue is “quite serious.”
“It is an unfortunate situation,” he said. “We didn’t have any financial or real estate concerns.”
But Yudof said the University is reviewing Stephens’ files to determine the relevance of outside issues.
“It’s a difficult case,” he said.
But it is not one that the University will investigate externally. Yudof said the University’s general counsel will review the public documents and official proceedings in question.
No time line has been set for the review.

Kristin Gustafson covers University administration and welcomes your comments at [email protected]. She can also be reached at (612) 627-4070 x3211.