DAYTONA BEACH, Fla. — The future of Daytona State College's president could be in jeopardy as the school board meets Thursday.
WFTV has reported how Ken Sharples is under fire for spending more than $1,000,000 on a failed concert series. Now, an independent review says more investigating should be done.
The report that will become public Thursday could determine if the president of Daytona State College will get to keep his job. The board of directors at the school has already seen the audit report, and the first reports are that it does not paint a good picture.
On Thursday, the board of Daytona State College has two tough items on its agenda. First, a report from attorney Stephen Kahn that outlines preliminary findings in a probe into a failed student housing project, then there are details about a $1.4 million dollar loan for a large Labor Day concert event.
In October of 2010, the board chairman explained why the outside probe was commissioned.
"Sometimes you need a lawyer and we need one now," said John Tanner, Daytona State Board Chairman.
Sharples loaned the money for the concert believing it would be paid back, but the American Music Festival with stars like Usher, Tony Bennett and the Jonas Brothers flopped and the college still does not have its money back.
Attorney Kahn points out in the initial report that its findings are very preliminary, but warrant much more investigation.
"He can, I think, cut through the fluff and fat and get to what is important and frame these issues in such a way that the board, the president and the college can go forward," said Tanner.
Preliminary or not, the board chair put a second item on the agenda discussion of the president's contract. However, Kahn makes it clear that he does not believe his initial findings are enough to end Sharples' $325,000 per year contract.
The board meeting is scheduled for 4:00pm Thursday.