• 52°

Private N.C. college faces summer with debt notices

GREENSBORO (AP) ó A small, private college in North Carolina is asking creditors to be patient as it tries to raise money to pay nearly $1 million in past-due bills.
Greensboro College, with 1,300 students, already has cut salaries 20 percent and a week ago was told to pay an $8,000 electric bill or lose power, The News & Record of Greensboro reported Sunday.
Next, a sheriff’s deputy brought a summons to small claims court to the college telling officials to appear because of an overdue office supply bill of $1,245.
The 161-year-old liberal arts college also owed $136,889 for cafeteria service, $13,388 for trash collection, $50,276 to a bus company that transported athletes and a past-due city water bill of $6,500, the newspaper said.
A country club membership also is 90 days in arrears, the newspaper said.
The school’s restructuring officer, Edward Sanz, said the college raised enough money for its June payroll and now needs enough to operate through the summer until students return in the fall. He said the power bill episode was a misunderstanding.
Sanz’s firm, Naviscent Group of Charlotte, was hired by the college board of trustees two months ago to reorganize its debt. Sanz says the college is renegotiating its bank line of credit.
Sanz says large gifts from individuals and foundations have dried up because of the recession.
“It’s a tough patch, period, but we’re going to get through it,” said Sanz. “All the colleges are getting slammed right now.”
College President Craven Williams said anonymous faculty criticism of him in a Chronicle of Higher Education article and a letter circulated around campus was upsetting. Williams took a 20 percent cut to his $403,000 salary
Williams has been president since 1993 and is the school’s chief fundraiser and ambassador. Sanz said the president’s salary, a school-owned home with maid service and a BMW are necessary perks for entertaining would-be donors. A Greensboro Country Club membership is 90 days in arrears, the newspaper said.
Greensboro College is borrowing against its endowment, which fell from $19 million value to $12 million.
“The college lives on contributions and endowments, but retiring a debt is a bit of a challenge,” Sanz said. “It’s not like raising money for a building that you can put someone’s name on. You can’t name a debt after someone.”
óóó
Information from: News & Record, http://www.news-record.com

Comments

Comments closed.

Local

Bell Tower Green renamed to honor Stanbacks; Nancy Stanback receives key to city

Business

Commissioners green light additional houses at Cherry Treesort in China Grove

Education

A.L. Brown will hold in-person, outdoor graduation

Local

Granite Quarry awards FEMA contract for Granite Lake Park

Local

City to vote on apartment developments, final phases of Grants Creek Greenway project

High School

High school football: North receiver McArthur a rising star

Columnists

Carl Blankenship: Pollen and prejudice make their return

News

Harris pitches $2.3T spending plan on trip to North Carolina

Nation/World

Murder case against ex-cop in Floyd’s death goes to the jury

Crime

Sheriff’s office: Man takes deputies on chase with stolen moped

Coronavirus

Afternoon, evening COVID-19 vaccination clinic planned Thursday

Crime

Concord man charged with woman’s murder in drive-by shooting

Ask Us

Ask Us: Have city, county elected officials received COVID-19 vaccine?

Local

City gives away nearly 100 trees during ‘We Dig Salisbury’ event

Local

Political Notebook: Bitzer expects most ‘Trump-like’ candidate to be favorite in state’s Senate race

Crime

Blotter: Concord man arrested in Rowan for indecent liberties with children

Coronavirus

Half of US adults have received at least one COVID-19 shot

Nation/World

Police: FedEx shooter legally bought guns used in shooting

News

Hester Ford, oldest living American, dies at 115 … or 116?

Local

Size of pipeline spill again underestimated in North Carolina

BREAKING NEWS

Kannapolis Police searching for suspect who fled scene of homicide

Education

RSS superintendent talks district’s future, strategic plan survey

News

Complaints and fines pile up against unpermitted landfill in southwest Rowan County

College

Catawba baseball: Crowd comes out to say goodbye to Newman Park