Trustees unanimously accepted the committee's "proposal in concept reserving to the board the right to continue appropriate discussions" with
The board authorized Leatherman, R-
The university, which has been operating on a deficit for years, called on state lawmakers for help in February after President
The legislature created the
He said that as he met with the committee, he had gotten the impression that Leatherman and the committee did not intend to make changes to the plan.
"I don't think we have alternative options," Nielsen said. "
But trustees approved the advisory committee's plan with reservations.
They expressed concerns about the lack of details in the plan and the affect accepting it will have on the university's problems with the
The accrediting agency placed the university on probation in June, citing its financial instability as one reason.
Grant said he wanted to make sure trustees' approval of the plan is conditional.
"I want to know the cost, terms, interest rate, use of proceeds, repayment," he said. "I want to know what I'm getting."
Grant also questioned whether the
"I think we, in good conscience, have to clarify that," he said.
Grant also noted that the funding will not be enough to meet the university's current deficit. Elzey said that the
"I would like to leave this meeting with the approval that we accept this recommendation provided it does not impact our accreditation,' she said. "I think that leaves us wide open to go back and say SACS expressed concerns. Help us answer these."
Elzey reported that the university is scheduled to meet with SACS on
"We will broach this issue, among other issues, at that time," he said. "We're going to have that conversation."
Under the Blue Ribbon plan, a total of
The advisory committee will appoint a working group of experts in various areas, including finance, procurement and human resources, who will monitor the university's finances. The group must certify that the university is not in deficit status at the time of the installment payments.
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