Trustees of LeMoyne-Owen College have agreed to resign, allowing the cash-strapped school to receive an anonymous $2.5 million donation and meet today's deadline for covering operating expenses for the year.
Last week, an anonymous donor pledged to give the college $1.5 million by the end of the month and an additional $1 million in a matching grant-- if the school's trustees resigned.
All but three of the college's 30 trustees -- including Mayor Willie Herenton and board chairman Robert Lipscomb -- have submitted their resignations, Lipscomb said Thursday. Trustees who hold seats specially designated for alumni and churches weren't asked to leave.
Lipscomb said the board already had decided to restructure itself before it received the donor's request.
"We have the opportunity to renew ourselves," Lipscomb said. "We already decided that we needed new people in our seats."
The $2.5 million donation gives the city's only historically black college, which is more than $6 million in debt, more time to address its financial and accreditation problems.
Last December, the college was placed on "probation with good cause" by the Southern Association of Colleges and Schools. Officials with SACS will return in October to evaluate the college's financial progress and reconsider its accreditation status.
Earlier this month, school president James Wingate resigned, citing in part frustration over the inability to chip away at the school's $6 million debt.
Lipscomb said trustees who submitted their resignations will remain on the board until their replacements are chosen. The new trustees will hire a new president and work to resolve the college's financial problems.
Lipscomb hopes new board members will focus on finding a specific niche for the university.
"Our progress isn't going to happen overnight, but it will happen," he said.
Posts
5 comments:
Second, ensure your house is altered to the ground and is not on wheels. Additionally, dispose of the trailer hitch since it makes your home appear as though it is effortlessly moved and that is not extremely secure for a bank. Cash Advance
For the individuals who may be somewhat cognizant about spending plan, the utilized auto parts that are being sold at less expensive costs however are still in superb condition can be awesome choices.
Despite everything you can locate the first things and their condition is in place. The key is in finding the right merchant and in providing precise data about the model number, the auto make and model. Cash Advance Corona
With the credit providers making an in all cases use of development, borrowers can find postings by propel providers offering refers to on individual advances for unemployed. With an extending number of banks in the UK borrowers do have a chance to possess all the necessary qualities for individual credits with a couple or other moneylender. usapaydayloanstore.com/chicago
Living in a town outside Cardiff has numerous advantages, for example, less expensive house costs and being calmer, however my folks demanded the schools weren't much cop locally so off I went ordinary on a hour long transport adventure to and from Cardiff. Payday Loans Chula-vista
Kids love imagining they are autos, zooming down the road. Have somebody be "It" and have alternate visitors line up at the flip side of the room. The individual who is "It" says "Green light!" and every one of the youngsters run (or imagine they are driving an auto) until "It" says, "Red light!" at which time, the kids must stop. check cashing
Post a Comment