Well before city officials shut off the water at Atlanta’s Morris Brown College last week, the 127-year-old college was already buckling under the weight of $32-million in debt.
Now, without the money to pay $380,000 in water bills dating back to 2004 — let alone faculty and staff salaries and other key operating expenses — the historically black college will not reopen next semester and may soon close permanently, officials told the Atlanta Journal-Constitution this weekend.
Campus officials were scheduled to meet with bankers today to negotiate short-term loans as Morris Brown tries to work out its financial situation, Rhonda Copenny, a trustee, told the newspaper. Without such bridge financing, she said, the college could shut its doors for good in three weeks.
This is only the latest struggle for Morris Brown, which in recent years has suffered from plummeting enrollment, financial corruption, and a revolving door for presidents.
In 2002 the college lost its accreditation from the Southern Association of Colleges and Schools because of heavy debt and a criminal investigation into the financial dealings of a former president, Dolores E. Cross. Four years later, Ms. Cross (who resigned from the college in 2002) pleaded guilty to embezzlement, admitting that she had fraudulently obtained millions of dollars in federal student loans and grants to cover the college’s expenses, which increased sharply during her tenure.
This week officials of Morris Brown pleaded for another chance to right its sinking financial ship. “The institution has been a major part of the landscape of this community,” said the acting president, Stanley E. Pritchett. “It certainly deserves to remain a viable part of the community.”
Libby Sander, Chronicle of Higher Education
Easy Related Posts
S.C. State struggles to stay afloat: Can historically black colleges survive?
A financial crisis plaguing the South Carolina State University has pushed a larger issue into ...read more
How Companies Can Encourage Minority Populations To Get Into STEM Fields
Encouraging minority populations to pursue a career in science, technology, engineering and mathematics (STEM) at ...read more
School Regrets Black History Menu of Chicken, Collard Greens
The president of Wright State University and its dining services vendor have apologized for a ...read more
Michelle Obama: Education is the thread through civil rights
With veterans of the civil rights movement at her side, first lady Michelle Obama said ...read more