Louisburg, N.C. — June will be a tough month for Louisburg College. It will lose it's president Michael Clyburn and will likely be put on probation with the Southern Association of Colleges and Schools, a regional accreditation body.
“I don’t think I was fully aware of all the unique financial challenges,” Clyburn said.
Clyburn, who has been Louisburg College's president since November, submitted his resignation Thursday.
He says he'll remain with the school through the accreditation hearing in Atlanta this spring and acknowledges he's leaving as the college faces "serious" circumstances.
“The school has to be very careful to comply with all SACS requirements,” Clyburn said.
The private college's $15 million in annual revenue exceeds its expenses by more than $500,000, which SACS has said is too tight a margin. The organization has threatened to revoke the school's accreditation if the financial picture doesn't improve.
SACS placed the college was placed on a warning status in June 2006 because of the financial problems. The typical warning period for an institution is two years, and Clyburn said he expects the college to be placed on probation later this spring.
The school has also used up a $7 million line of credit, but plans to repay $2 million of that in May, Clyburn said.
In recent months, Clyburn had been working with trustees to restore financial stability at the school, which has about 800 students.
Clyburn has a contract with the college that runs through June 2012. It was unclear Friday whether the trustees would require him to fulfill it. The school’s board of trustees is scheduled to meet next week.
Clyburn came to Louisburg College last November from Lincoln Memorial University in Harrogate, Tenn., where he served as vice president for academic affairs and provost.
Clyburn is expected to be named the new president of Alderson-Broaddus College, in Philippi, W.Va.