UCLA CFO Steve Agostini Dismissed Amid Financial Mismanagement Claims

On February 19, 2024, the University of California, Los Angeles (UCLA) announced the dismissal of its Chief Financial Officer, Steve Agostini, following allegations of mismanagement of funds. The decision came after a period of scrutiny regarding financial practices at the institution.

In a message to the UCLA community, Chancellor Julio Frenk confirmed Agostini’s departure, effective immediately. “Steve Agostini, who has served as vice chancellor and chief financial officer since May 2024, will no longer serve in his role,” Frenk stated. To maintain financial stability during this transition, Reem Hanna-Harwell, the senior associate dean for finance and administration within the UCLA College, will take on the interim role of vice chancellor and chief financial officer. Frenk praised her for her extensive institutional knowledge and strong leadership skills.

The Office of the Vice Chancellor and Chief Financial Officer is crucial in managing UCLA’s financial resources, which support the university’s academic, research, and public service missions. A national search for a permanent replacement will begin in the coming months, with more details about the process to be shared soon.

Reports indicate that Agostini’s tenure was marred by a projected deficit of $425 million. However, Mary Osako, UCLA’s Vice Chancellor, clarified in an interview with the Daily Bruin that this figure was not an accurate reflection of the university’s financial status. She emphasized that the projected structural deficit is considerably lower and that UCLA, like many institutions, faces ongoing budget pressures.

“Based on approved expenditures, UCLA’s projected deficit is substantially lower than the amount referenced publicly,” Osako stated. She further noted that the university is actively managing its financial challenges by exploring new revenue avenues, strengthening partnerships, and advancing innovative funding models to support its core mission.

Currently, there is no indication of legal action against Agostini or any formal charges related to his dismissal. The university community awaits further updates on both the search for a new CFO and the resolution of the financial issues highlighted during Agostini’s tenure.

As UCLA navigates this transition, the focus remains on ensuring its financial practices align with institutional goals and maintaining the support necessary for its academic and research initiatives.