NEW YORK — The president of the City College of New York has stepped down amid questions about her administration’s handling of over $150,000 of her personal expenses.

The New York Times ( ) reports that Lisa Coico resigned Friday. City College is part of the City University of New York system.

City University Chancellor James Milliken says the resignation is effective immediately.

Mary Driscoll will serve as interim provost until an interim president can be named later this month.

Coico took office in 2010. She announced her resignation in a statement Friday but did not offer an explanation.

She and a nonprofit affiliated with the college are under investigation as part of a federal inquiry into her finances and the use of federal research grants.

Information from: The New York Times,