Favorite

UA trustee's UA deal 

UA trustee's UA deal

Mike Akin of Monticello, a member of the University of Arkansas Board of Trustees, has gone into for-profit business with the University of Arkansas at Monticello, an institution that he helps supervise. B. Alan Sugg, president of the University of Arkansas System, said that Akin's agreement with UAM didn't violate UA policy governing conflicts of interest by trustees, because Akin revealed the potential conflict and didn't vote when the Board approved the agreement.

This is not Akin's first time to do business with a state agency while serving as a member of a related board. In 2000, while he was a member of the Arkansas Economic Development Commission, he accepted financial incentives from the state Department of Economic Development in exchange for his Monticello furniture manu-facturing plant taking over a Dumas plant whose previous owner had shut it down. That arrangement was criticized both because of Akin's membership on the AEDC, which advises the Department of Economic Development, and because Akin's Monticello plant was already operating in Arkansas. DED grants are generally intended to bring new industry to the state. After Akin Industries took over the Dumas plant, production employees there were given a 7.5 percent pay cut.

Akin is no longer a member of the AEDC. He was appointed to a 10-year term on the UA Board of Trustees by then-Gov. Mike Huckabee in 2003.

In January this year, the UA Board approved an agreement between UAM and Grand Manor LLC, in which Akin is a principal. Grand Manor is leasing about six acres from UAM on which it plans to build a private retirement complex. The project apparently would be similar to one at the University of Central Arkansas in Conway. The UCA complex has lost almost $700,000 since it opened in 2003, and come under criticism from legislators.

Grand Manor is leasing the property for 50 years. It's making an initial payment of $100,000 to UAM, and then will pay $10,000 a year or one percent of gross revenue. UAM Chancellor Jack Lassiter said construction was expected to begin in late summer or early fall. Akin did not respond to a call from the Times.

The UA Board's policy on trustee conflict of interest does not prohibit conflict. It merely says that a trustee must disclose any conflict and "abstain from voting on or influencing transactions where a conflict of interest exists." The policy also includes protection for trustees with conflicts of interest:

"A conflict of interest transaction is not voidable or the basis for imposing liability on the trustee if either of the following is true: (1) The transaction was fair to the University at the time it was entered into; (2) The material facts of the transaction and the trustee's interest were disclosed or known to the Board and the Board authorized, approved or ratified the transaction."

Favorite

Comments (2)

Showing 1-2 of 2

Add a comment

 
Subscribe to this thread:
Showing 1-2 of 2

Add a comment

Most Shared

  • World leaders set to meet in Little Rock on resource access and sustainable development

    Little Rock will next week host a series of meetings on the use of technology to tackle global problems led by Club de Madrid — a coalition of more than 100 former democratic former presidents and prime ministers from around the world — and the P80 Group, a coalition of large public pension and sovereign wealth funds founded by Prince Charles to combat climate change.
  • Rapert compares Bill Clinton to Orval Faubus

    Sen. Jason Rapert (R-Conway)  was on "Capitol View" on KARK, Channel 4, this morning, and among other things that will likely inspire you to yell at your computer screen, he said he expects someone in the legislature to file a bill to do ... something about changing the name of the Bill and Hillary Clinton National Airport.

Latest in The Insider

  • All in the family

    Old habits die hard. We may have a new Republican majority in the legislature, but like the old Democratic majority, it still doesn't hurt to have a lawmaker spouse to land a part-time job during the legislative session.
    • Jan 30, 2013
  • 'Circuit breaker' legal

    When we first asked Gov. Mike Beebe about the "circuit breaker" idea out of Arizona (automatically opting out of Medicaid expansion if the feds reduce the matching rates in the future), he said it was fine but noted that states can already opt out at any time, an assurance he got in writing from the feds.
    • Jan 30, 2013
  • Church goes to school in Conway

    An interesting controversy is brewing in Conway Public Schools, periodically a scene of discord as more liberal constituents object to the heavy dose of religion that powerful local churches have tried to inject into the schools, particularly in sex education short on science and long on abstinence.
    • Jan 23, 2013
  • More »

Visit Arkansas

View Trumpeter Swans in Heber Springs

View Trumpeter Swans in Heber Springs

Magness Lake, in Heber Springs, is a magnet for swans

Event Calendar

« »

December

S M T W T F S
  1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

Most Viewed

  • Tomb to table

    A Christmas feast offered by the residents of Mount Holly and other folk.
  • 2017 legislature spreads its wings

    Also, Asa on Trump, schmoozing schedule and more.
  • The sweet hereafter

    This week, the Arkansas Times falls back on that oldest of old chestnuts: a recipe issue. Being who we are, of course, we had to put a twist on that; namely, the fact that most of the recipes you'll find in these pages are courtesy of people who have shuffled off to that great kitchen in the sky, where the Good Lord is always whipping up new things in his toque and apron, running the great mixers of genetics and time, maybe presenting the batter-dipped beaters and bowls to Jesus for a lick down.
  • Arkansas archeologist does his job, is asked to leave

    Amid Department of Arkansas Heritage project.
  • Dems path forward

    The Arkansas Dems can lead by doing the opposite of what the national Dems did when they reelected the same leadership in charge since the equally embarrassing losses as seen in Arkansas. Electing 75-plus-year-olds is no way to embrace the youth.

Most Recent Comments

 

© 2016 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation