Mary Frances McCourt has been appointed to fill the position vacated by Neil Theobald.
Neil Theobald will take over as president at Temple University on January 1, 2013.
Some of the checks were dated as far back as March, despite a state law requiring that they be deposited within 24 hours of receipt.
Indiana’s higher education funding has been receiving big cuts over the past couple of years, and students are left with part of that burden.
Budget officials say, while the school is currently financially sound, increasing cost and a poor economy could mean IU is heading for rough times.