SC State has deficit of more than $4 million
COLUMBIA, S.C. (AP) — One lawmaker is calling for an investigation after learning S.C. State University has a deficit of more than $4 million and needs $13 million to pay bills and loans.
The State newspaper reported (http://bit.ly/1iZ1juj) a letter to lawmakers says budget leaders have asked university President Thomas Elzey to submit a financial plan within two weeks.
A letter that Elzey sent to the State Budget and Control Board last week was made public Friday. In it, he says the estimated $13 million in outstanding bills and loans is almost double last year’s total for the state’s only historically black college. Some of those loans were used to help with previous deficits.
Republican Sen. Shane Massey called for an investigation into how the school’s finances have become so distressed.
Information from: The State, http://www.thestate.com