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Louisburg College Tries to Strengthen Finances

Posted March 6, 2008

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— The Louisburg College Board of Trustees has dipped into its unrestricted funds to pay off $2 million in debt as part of a plan to regain financial stability.

The private college's $15 million in annual revenue exceeds its expenses by more than $500,000, which the Southern Association of Colleges and Schools said is too tight a margin. The organization has threatened to revoke the school's accreditation if the financial picture doesn't improve.

Vice President for Finance Belinda Faulkner presented a plan to the college trustees last week that uses unrestricted funds to pay down debt, restricts short-term borrowing and ensures any borrowing would be repaid during the same year.

"Our financial status has improved, and the immediate outlook for Louisburg College is brighter," President Michael Clyburn said in a statement. "The groundwork has been laid for financial planning that brings institutional vitality and confidence about the days ahead."

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  • haditup2here Mar 6, 2008

    john283594: Are you sure about that? Where can I read more? Very scary to hear---no offense but I SURE do hope you are mistaken.
    There is a lot of sentimentality among those of us who graduated from LC.
    "Alma Mater, sheltering college, thou hast been our hope and friend..." Class of '93

  • john283594 Mar 6, 2008

    The problem is that Louisburg College offers the same two year degree that you can get at any community college for a fraction of the cost. Couple that with the fact that a two year degree alone is worth little more than a high school diploma and you have problems.

    Louisburg College either needs to become a four year institution or they may as well shut down this afternoon...

  • Arkansas Razorback Mar 6, 2008

    What will Louisburg do if the hospital moves and the College fizzles out?

  • TheDude abides... Mar 6, 2008

    This institution MUST survive. It's the second oldest institution for higher learning in the state (2nd to Salem College, but oldest co-educational inst.) Chartered 1787. Town needs to get more involved. College is almost too good for the town.