Ron DeVito, CFO of Hoboken University Medical Center, has resigned, after an audit revealed poor financial practices resulting in accounting overstatements, according to a report from the Hudson Reporter.
Citing CEO Spiros Hatiras, who took the helm in June, as its source, the report said an operational audit this year revealed that the hospital failed to submit corrective action plans to address shortcomings that audits first brought to light two years ago.
After recalculating their numbers using "newer methodologies," the hospital reports losses of $22.3 million, a reduction in net assets from $35.1 million in 2007 to $13.4 million in 2008.
Mr. Hatiras said he does not foresee more layoffs at the hospital, which laid off 5 percent of its staff in January.
Read the Hudson Reporter's report on the Hoboken University Medical Center CFO's resignation.