The UC Regent Live(blog) summarizes the issue's questionable content:
The newest issue satirizes the demands issued by the BSU [Black Students Union] in the recent weeks, by introducing a mock program-the Coalition of Outreach and Opportunity for Negro Students, or C.O.O.N.S for short. The "program" proposes such things as "Special All Black Housing" and "Special Classes Just 4 U!" including "SOC20N: Blame it on Whitey" and "Swimming 101: It's not actually that deep!
This latest incident is the the Koala's second collision with controversy in a month. In late February, UCSD's student television channel had its funding frozen after a Koala-produced spot mocking Black History Month aired.
Former Koala editors issued a response to the funding freeze in UCSD's student paper.
An excerpt from the issue, which is availabe in PDF here.