The trustees have issued similar findings almost every year since 1980, giving an insolvency deadline ranging from 5 to 17 years.

The newspaper learned of the gifts after the university's trustees last week issued the names of people listed on university expense vouchers.

Yesterday, the trustees issued a resolution asking the mayor to reconsider his decision, especially if the education plan does not work out.

The trustees issued several public apologies for the investigation, and have asked a local lawyer to conduct an independent inquiry as to whether any laws were broken.

The trustees issued similar findings several times over the last decade, and Congress always managed to stave off insolvency by tinkering with the program.

If the bankrupt fails to pay the contributions due, the trustee can issue a notice to garnishee the bankrupt's wages.

It is not clear when the trustees, who are reviewing the matter, will issue a final decision, said the university spokesman, Peter Kilduff.

The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder.

Yesterday, the trustees of the university issued a statement offering their "unqualified support" to Mr. Kerrey.

The trustees issued a statement saying that in light of the fiscal difficulties, they had voted to continue exploring all options to save the university.