As administrators of the city’s second-oldest college
rang up a $19 million debt since 2001,
neither faculty nor most of the board of trustees knew
how high the bills would run for Greensboro College.
Many leaders didn’t know depth of college’s financial chasm
Greensboro News and Record, July 26, 2009
How bleak is the financial outlook at Greensboro College
where salaries were cut 20 percent this spring
in an emergency move to avoid layoffs?
Bleak enough that a restructuring consultant last week
sent a letter asking creditors to be patient
in collecting past due bills of $974,508
most of them owed to local businesses
…the college…can barely meet its own basic needs
according to the school’s own list of outstanding bills....
Trustee chairman Stout is quoted in the Chronicle
as estimating that the school needs to raise “$5 million”
in order to operate through the lean summer months
Greensboro College fending off creditors
No comments:
Post a Comment