DETROIT - Governor Rick Snyder's NERD fund will be shut down and replaced with a fund that keeps donor's names transparent.
The NERD fund --which stands for New Energy To Reinvent and Diversify -- is Snyder's nonprofit foundation which receives money from private donors.
The governor's office confirms the fund is in process of being dissolved. A new fund is being created that will include the disclosure of donors and amounts given as well as detailed overview of expenditures by category. Both will be shared and posted online quarterly.
The NERD fund came under fire after Snyder testified under oath that he does not know who contributed to it.
Snyder says he doesn't know who donated to the fund, which raised $1.7 million in two years. It was formed to lessen the "financial burdens of government."
Some have argued that could pose a conflict of interest.
Copyright 2013 by ClickOnDetroit.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.