Cheyney University Faces Uncertain Future According to Most Recent Audit Report

Cheyney University of Pennsylvania, the oldest black college in the nation, is on the cusp of financial ruin according to a troubling 54 page report released from Pennsylvania Auditor General, Eugene DiPasquale.

DiPasquale said of the severity of the university’s financial standing after he concluded his audit, “Cheyney is in dire, dire, dire straights.”

The audit shows that the university has been operating at a loss for the last four years with their current net earnings coming in short $12.3 million dollars, which is expected to plummet further by $5.5 million this year.

On top of operating at a staggering deficit, Cheyney University has also seen a decrease in enrollment and a decrease in the amount of much needed funding received from the state over the last few years.

The university is acutely aware of its current financial situation and has reportedly taken proactive steps to migrate out of the financial red zone. The audit report notes that Cheyney reduced the amoung of administrative staff and faculty by 23% and even cut back on addition miscellaneous costs by another 22%.

DePasquale released a statement about his findings and said, “The situation at Cheyney University should be a warning to the systemic financial issues facing state universities. Our best and brightest state leaders and stakeholders must work together to develop a long-term plan to ensure the stability of these public universities to provide affordable college education for families across the state.”

It is an unfortunate situation for the 177 year old university to go through, but the interim president, Frank Pogue, seems optimistic that things can be turned around. He said of that the university “has done many good things since 1986. We are doing many good things today, and we will do many good things in the coming years.”

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