Province is proud to share that Partner Patrick O’Keefe, acting in his capacity as court-appointed Receiver for Finlandia University, supported by the Province team, recently secured $5.2 million insurance settlements related to alleged violations of the Uniform Prudent Management of Institutional Funds Act (UPMIFA).
The recovery brings total settlements obtained on behalf of the Receivership estate to approximately 55% of the restricted endowment funds that were lost.
Finlandia University, a private nonprofit institution located in Hancock, Michigan, ceased operations in 2023 following an extended period of financial distress, declining enrollment, and the alleged misuse of restricted endowment funds. After the University’s Board of Trustees voted to pursue a judicially supervised dissolution, Pat O’Keefe was appointed Receiver to oversee the wind-down of operations and maximize recoveries for stakeholders.
As Receiver, Pat, supported by the Province team, implemented comprehensive financial oversight, conducted extensive investigations into potential sources of recovery, and pursued claims relating to insurance coverage, lender conduct, and other matters affecting the estate. The team also coordinated the sale of University assets, negotiated creditor settlements, and worked closely with the Michigan Attorney General’s Office to facilitate payment of unpaid payroll obligations owed to former faculty and staff.
Province collaborated with Jason Conti of Foley & Lardner and Nancy Temple of Katten Temple in securing the settlements. The outcome reflects increasing scrutiny surrounding the use of restricted charitable and endowment funds, particularly among financially challenged higher education institutions.
Learn more about Pat O’Keefe and Province’s restructuring capabilities.