Westminster College emerging from financial stumble - by Phillip Sitter, News Tribune

The leadership of Westminster College in Fulton testified in court just two years ago that the school was running out of options to avoid closure. This summer, the current president said his administration has a three-year plan to address the school's financial troubles. Westminster's leadership petitioned the Circuit Court of Callaway County in 2016 to grant the school unrestricted access to millions of dollars of restricted general endowment gifts. In part, that request was to cover financial deficits. But leaders also sought to pay for improper withdrawals from endowment funds that had already happened. College leaders testified the withdrawals happened because of a combination of loose financial controls and diminished revenues. Then-President Benjamin Akande testified the withdrawals happened in an attempt "to keep the lights on." http://www.newstribune.com/news/local/story/2018/sep/02/westminster-emerging-from-financial-stumble/741546/