Loyola University has welcomed its new Vice President of Finance, Stuart Gay. The university, through Vice President of Marketing and Communications Aariel Charbonnet, emphasizes its commitment to transparency and integrity in financial matters.
Gay was the former chief financial officer of New Orleans Public Schools where a $36 million miscalculation took place. The miscalculation was announced on Nov. 14, 2024 at the Orleans Parish School board meeting, according to The Lens.
“NOLA Public Schools Superintendent Avis Williams formally announced her resignation Thursday morning, following a $36 million budgeting gaffe that’s left schools in dire financial straits,” according to The Lens.
The error raised serious concerns about financial oversight within the school system, according to The Lens.
Gay resigned from his position at NOLA Public Schools before Williams’ resignation last fall, all before the news about the miscalculation was made public.
Despite the financial turmoil surrounding the school district, Charbonnet said there has been no evidence directly linking Gay to the miscalculation.
Charbonnet didn’t provide additional information on Gay’s involvement, reassuring the Loyola community in a statement that the university aims to maintain transparency and integrity.
“We aim to maintain transparency, integrity, and clear and consistent messaging with our various publics to foster strong relationships and trust among the Loyola community,” Charbonnet said.
Charbonnet said that Gay has already demonstrated a strong understanding of the university’s financial landscape. Loyola’s leadership remains dedicated to ensuring fiscal responsibility and aligning decisions with the Jesuit principles of faith, truth, justice, and service, while maintaining strong relationships with stakeholders and the community.
Gay is currently overseeing the university’s financial functions after Senior Vice President and Chief Operating Officer Carol Markowitz left her position at the university to become the chief executive officer of the St. Bernard Project, a national nonprofit focused on disaster resilience and recovery.
Charbonnet, Loyola’s vice president of marketing and communications, said Gay has already demonstrated a deep understanding of the university’s financial landscape.
“We are proud that he is part of our team,” Charbonnet said.
Charbonnet emphasized the university is actively engaging with key stakeholders, including the media, to ensure transparency, uphold integrity, and deliver consistent messaging on the status of the budget. This approach aims to strengthen relationships and build trust within the Loyola community.
The administration reassures the Loyola community of its commitment to transparency and integrity, keeping everyone informed about ongoing changes and addressing any concerns.
Loyola’s leadership team meets with the Board of Trustees, whose essential function is policy-making and financial oversight, four times per year.
“For the past six years, our Board of Trustees and administration have demonstrated the university’s steadfast commitment to fiduciary responsibility with balanced budgets and sound fiscal management,” Charbonnet said.
“We will continue to provide regular updates to stakeholders regarding our university’s financial stability and trajectory,” Charbonnet said.
Charbonnet said Gay’s hiring followed established protocol, and the university is proud to welcome him.
“Grounded in our Jesuit principles of faith, truth, justice and service, we will continue to ensure sound fiscal stewardship in alignment with Loyola’s mission and long-term goals,” Charbonnet said.
Striking the balance between transparency and discretion is important, especially when communicating about an organization’s financial matters.
“Transparency fosters trust, and trust is essential for maintaining strong relationships and building confidence in leadership,” Charbonnet said.
By building trust, Charbonnet said, the university upholds its reputation, which is grounded in its Jesuit mission.
“We will continue to lean into our principles of faith, truth, justice and service as we welcome new leadership to Loyola,” Charbonnet said.
