Audit: SC School Must Guard Financial Viability

A federal audit warns a historically black college in South Carolina must take extra steps to remain financially viable. The State reported Monday that a U.S. Education Department audit warns that Benedict College in Columbia ended the last fiscal year in a weakened financial state.

AP
Published: July 27, 2009

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COLUMBIA, S.C. (AP) - A federal audit warns a historically black college in South Carolina must take extra steps to remain financially viable.

The State reported Monday that a U.S. Education Department audit warns that Benedict College in Columbia ended the last fiscal year in a weakened financial state.

The school must hand out financial aid to students and parents before it can request funds from the government to cover the aid.

Benedict must also meet a host of new requirements by notifying the federal agency of any negative changes in the school’s finances or its status with oversight agencies.

Benedict President David Swinton says the school is working to comply with the new rules, paying down its long-term debt, raising funds and concentrating on enrollment.

The school was founded in 1870 and has nearly 3,000 students.