Sunday, March 29, 2015

Audit: SC State University debt $23.5M by end of fiscal year - Charlotte Post

South Carolina State University's escalating debt is expected to reach $23.5 million by the end of this school year, adding to calls for an immediate overhaul. An accounting firm presented a financial forecast Wednesday that's even worse than lawmakers expected. South Carolina's only public historically black university cannot reduce its unpaid bills without additional aid from the state, Tom McNeish of Elliott Davis Decosimo told the Budget and Control Board, which hired his firm last year. Gov. Nikki Haley said the school's survival depends on leadership being willing to make deep cuts. “South Carolina State is on life support,'' she said. “Something has to be done now. We've got to see action yesterday.''

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