Courtesy UCF

A University of Central Florida vice president has stepped down after misusing $38 million worth of funding, according to documents from UCF.

Vice President for Administration and Finance and UCF’s Chief Financial Officer, William Merck, stepped down after he admitted to using $38 million worth of carryforward E&G (Educational and General) funds for the construction of Trevor Colbourn Hall, according to a statement by Whittaker to the Board of Governors Thursday.

“In my presidency, something like this will never happen,” Whittaker said at the meeting.

Whittaker told the board that once he was made aware of the misuse of funds, he accepted Merck’s retirement, and began to look for ways to pay back the misused funds.

Whittaker said that there will be a proposal at the next Board of Trustees meeting regarding replenishing the misused funds. These financial moves will not negatively impact students, according to Whitaker.

“This is a difficult time for us, Whittaker said. “We’ve fallen short of our expectations and yours. I’m committed to leading change that will result in a stronger partnership between UCF and this board.”

Whittaker has ordered an external review of UCF procedures in the wake of this controversy.