Scott Mitte, president of the board of the Roy F. and Joann Cole Mitte Foundation, was charged Monday with cocaine possession after he was found with about an ounce of the drug in his car, reports the Austin American-Statesman.

Mr. Mitte had been planning to work with the police as a “cooperating individual” to help them identify a drug supplier. But when he arrived at the sheriff’s department, police searched his car as a standard procedure and found the packet of drugs. The executive director of the Mitte Foundation, Cheryl Nolting, told the newspaper that the foundation had no comment.

Earlier this year, the foundation announced that it could no longer pay for several scholarships it had committed to, sending six universities scrambling to support the students, reports The Chronicle of Philanthropy.

It is not clear why the Mitte Foundation, which reported assets of $26-million in 2006, ran out of money for the scholarships. The fund says it suffered because of the stock market downturn. Scott Mitte, who is the founding couple’s son, reportedly spent money extravagantly as president of the fund.

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