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Louisburg College placed on probation

Posted June 27, 2008

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— An accrediting organization has placed Louisburg College on probation for six months to give administrators time to shore up the school's shaky finances.

The move followed a meeting Wednesday between Louisburg College officials and representatives of the Southern Association of Colleges and Schools.

The private college's $15 million in annual revenue exceeds its expenses by more than $500,000, but SACS has said that is too tight a margin. SACS placed the college on warning two years ago because of the financial problems.

By the end of the six-month probationary period, Louisburg College officials must submit an audit and a written report and host a visit by SACS representatives. If the school's financial picture doesn't improve, it risks losing its accreditation, which would affect students'  eligibility for financial aid.

Interim President Rodney Foth called SACS decision to grant the probation "extremely good news."

"We have a lot of important work ahead of us to realize our goals of long-term financial stability and reaffirmation of our accreditation,” Foth said in a statement.

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  • Coach K is GREAT Jun 27, 2008

    I went to LOU-U in the EARLY 90's,i'm glad that they're able to stay afloat.

    Party at "THE MILL" 10:30 tonight, be there...!!!
    GO LOU-U!!!

  • Newsjunkie Jun 27, 2008

    Let me see if I get this straight - Their revenue of $15 million is $500,000 more than their annual expenses? So they are on probation for having too much money?

  • HappyGirl08 Jun 27, 2008

    Meanwhile if you don't, your students are screwed. Great job.

  • rocheccw Jun 27, 2008

    HC - "Was it over when the Germans bomb Pearl Harbor?"

    You beat me to the DSP comment.

  • Pineview Style Jun 27, 2008

    Doesn't sound like good times in Louisburg. First the hospital decides to move, and now this....

  • Harry Canyon Jun 27, 2008

    They better hope it's not double secret probation.

  • 5bryants Jun 27, 2008

    My husband and I met at Louisburg College(more than 17 years ago!). That school holds a special place in our hearts. We need small colleges to give kids the chance to ease into the college world. I know many successful people that have graduated from Lou-U and moved on to bigger four year universities or transitioned right into the business world. I pray that Louisburg College can make it through this hard time!