The university has asked the state Budget and
The amount, "will pay off all our vendors, all our bills through the end of FY14," Vice President of Finance
The university has said it needs
Three possible scenarios are open to the Budget and Control Board as it considers
The ideal scenario would be for the legislature to give the money in the form of an appropriation or grant, which would not have to be repaid. The university would finish the year with its bills paid and a net income of
On the other hand, the state could render aid in the form of a loan. Payroll, debt service and vendors would be paid, and the university would begin the year with no cash deficit.
However, the institution would have to repay the loan and would have a projected loss of
This would also impact the university's accreditation through the
Finally, the state could decide not to render any financial aid at all, Openshaw said. The university would continue to make payroll and pay its debt service until the end of June. However, vendors would not be paid and could discontinue or delay services.
Elzey reported to trustees that the university saved
"Those numbers will effectively help reduce the overall deficit that we were projecting for fiscal year 2014," he said.
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