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Brevard College put on Probationary Status Due to Debt

Brevard College has been put on probationary status by the Southern Association of Colleges due to its large amount of debt until the school can show improvements in its finances. Currently the school owes up to $17,000,000, $5,000,000 of which is in short-term loans and the remaining $12,000,000 in bonds the school has issued. It was after seeing last years financial records that Southern Association of Colleges decided to put the school on probation. Brevard College’s new President Dr. David Joyce says one of his main focuses is to cut the schools spending and reduce the debt level. According to Dr. Joyce the school is already making in their finances including looking at record enrollment this coming school year. Brevard College will be seeing a %10 boost in its student population from last year which is expected to help the bottom line. The Southern Association of Colleges has put Brevard College on a one year probation, meaning the accredited board will meet in June 2014 to decide whether to cancel Brevard’s┬áprobationary status.