KSU calls on Kentucky lawmakers to pay $23 million debt to stay open
LOUISVILLE, Ky. (WAVE) - Several businesses have closed as a result of the pandemic, but a Kentucky university could be next.
Kentucky State University leaders detailed a dire financial situation on Tuesday in Frankfort, predicting a $23 million cash shortfall in 2022.
They are seeking assistance from the Kentucky Legislature, and if they do not receive $23 million from the state, a former president of KSU has predicted that the university will be in “serious trouble in more ways than one.”
Years of mismanagement, as well as overspending and a failure to pay attention to the school’s budget, were discovered in a report by the Council on Postsecondary Education, which was called for and authorized by Gov. Andy Beshear.
“When I heard about KSU’s financial situation, I asked for a full, independent and transparent accounting of the university’s finances, and today we are releasing the findings of that assessment,” Beshear said. “We are committed to KSU and, as one of two Historically Black Colleges and Universities in Kentucky, KSU must be put on a path to stability so it is able to continue providing a high-quality education for generations to come.”
M. Christopher Brown II, the former president of KSU, resigned in July, prompting the university’s board to appoint Clara Ross Stamps, who has been with the university since 2017, as acting president.
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