Four months after a sudden leadership suspension raised serious financial questions at Amarillo College, an independent forensic audit has found that no money is missing — but it has revealed deeper concerns about how major financial decisions were communicated internally.
The findings close one chapter in a controversy that began in early October when Vice President of Business Affairs Chris Sharp was placed on administrative leave pending an investigation into financial procedures.
As first reported at the time, Sharp was suspended on Oct. 3 while the college launched an internal review into its financial management.
In an email sent just days later on Oct. 6 to college president Dr. Jamelle Conner, Sharp described the decision as “a surprise and a shock.”
Just over a month later, on Nov. 10, he submitted his resignation.
Now, after months of scrutiny, a forensic audit conducted by national accounting firm Weaver has determined:
“All funds are accounted for. No funds were found to be missing.”
What Prompted the Investigation
The audit, released Wednesday, reviewed construction projects, bank accounts, investment activity, internal communications, and financial reporting between 2019 and 2025.
It was commissioned in October after administrative reviews identified inconsistencies significant enough to merit deeper examination.
Those concerns came to a head in November, when the Board of Regents held a special meeting to address a $2.3 million shortfall tied to projects outlined in a 2019 bond package.
At the time, the financial gap raised alarms about whether funds had been misused or improperly managed.
The audit’s conclusion that no funds were missing resolves the most serious concern — but it also makes clear that financial oversight issues did exist.
Cost Overruns — Not Missing Money
According to the audit, the core problem was not theft or misappropriation, but rising construction costs and expanding project scopes.
Bond-funded construction initiatives ultimately cost more than originally anticipated.
The report found that:
Construction project scopes expanded over time
Costs rose beyond original projections
A Master Program Plan Manager contract was renegotiated and increased without Board approval
Those increases were not adequately communicated to leadership
In addition, the report determined that the college covered many of these increased expenses using unrestricted funds — a decision that was also not fully or promptly disclosed to the Board.
In a statement released alongside the findings, the college acknowledged:
“The report outlines weaknesses regarding how project scope increases, contract changes, and financial reports were communicated to the Board of Regents and executive leadership.”
Still, the institution emphasized that the spending was tied to real improvements.
“While construction projects were more expensive than originally projected, the work was performed and tied directly to the improvement of the College and community.”
Leadership Response
President Conner defended the decision to initiate the investigation and emphasized the importance of transparency.
“When procedural questions came to light, it was important not to assume, but to investigate,” she said. “We are committed to accountability to our taxpayers, employees, and our students—and want to give our community the full facts provided by this report.”
The college also stated that it has already taken steps to improve financial oversight since the issues were first identified.
“Since the initial identification of financial concerns, the College strengthened oversights and transparency—with a commitment to public accountability and ensuring that administrative processes match the excellence of the institution.”
Sharp’s Perspective
Prior to his resignation, Sharp suggested the situation stemmed less from wrongdoing and more from financial strain.
He speculated that the suspension may have been linked to low institutional cash flow and outlined several major expenditures that he believed contributed to financial pressure.
Among them:
$2 million spent on Innovation Outpost and Sharpened Iron Studios
$1 million annually on athletics with no revenue
$300,000 to $500,000 yearly for two childcare centers
He also pointed to construction challenges tied to the Health Science Simulation Center.
“At the time, everyone knew that we didn't have enough money in the bond funds to complete this,” Sharp wrote.
Sharp also criticized leadership decisions tied to fundraising efforts led by the Amarillo College Foundation and its executive director Joe Bill Sherrod.
He said the focus of the Badger Bold campaign — originally intended to support construction — had shifted.
“These expenses are a lot, and we have very little revenue coming in at this time,” Sharp stated, adding that he was “simply trying to do my job in navigating the college out of this crisis.”
As part of his proposed financial strategy, Sharp also referenced a $5 million line of credit approved by regents on Oct. 9.
He ended his October email with a firm defense:
“I have done nothing wrong.”
The audit’s findings — confirming no missing funds — may lend weight to that claim, even as they highlight structural communication issues.
Governance and Communication Breakdown
While the audit cleared the institution of financial misconduct, it pointed to systemic governance gaps.
Specifically, it found that:
Cost increases were not adequately reported
Contract renegotiations lacked required approvals
Financial reporting to leadership was incomplete or delayed
In effect, the issue was not misuse of money — but how decisions about spending were tracked and communicated.
Those breakdowns can have serious implications for public institutions funded in part by taxpayers.
The report stressed that oversight structures must evolve alongside large-scale capital projects, especially when scope changes occur midstream.
What Happens Next
Representatives from Weaver are expected to present their findings in greater detail at the Board of Regents meeting scheduled for Feb. 24.
That presentation is likely to focus on both the audit’s conclusions and recommendations for strengthening financial reporting processes.
Moving forward, Amarillo College says it is committed to improved transparency and governance.
The institution has framed the audit not just as an investigation, but as an opportunity to improve internal systems.
For the community, the takeaway is mixed:
No funds were stolen or missing
But internal reporting practices fell short
The situation underscores a broader lesson for public institutions managing large bond-funded initiatives: financial integrity depends not only on how money is spent — but on how decisions are documented and shared.
As Amarillo College prepares for its next Board meeting, the focus now shifts from investigation to reform.
And while leadership changes and public scrutiny have marked the past four months, the audit’s central finding may help restore confidence:
