Jackson State University finances under review by IHL - MSNewsNow.com - Jackson, MS

Jackson State University finances under review by IHL

Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
JACKSON, MS (Mississippi News Now) -

Jackson State University's finances are under the microscope. 

Cash reserves have plummeted and now the College Board is bringing in outside help to oversee spending. While Founder's Day events were happening on campus Thursday, the IHL put the school's money management on blast.

RELATED: IHL report shows JSU's depleted cash reserves

Money problems at Jackson State haven't been a secret to the IHL. They've been tracking it since May 2014. Despite plans and projections that the finances would get better, they've only gotten worse.

"That's why we put a team in there," explained Dr. Glenn Boyce, Commissioner of Higher Education. "They find out exactly how the expenses were spent, where the money went and what it want to. Those decisions and how they were made, still trying to determine what those are."

A presentation to the IHL Board of Trustees Thursday revealed that the university has only enough cash on hand to operate for a week. That's because they've used cash on hand to make payments on their debt.

"Universities can have things that are costly happen very very quickly," noted Boyce. "There are things you cannot anticipate in the University world. So it's absolutely essential that you keep a strong cash balance for those things that you can't anticipate."

Jackson State sent out a release that said the school has a plan in place. They expect it will add  $10 million to the cash reserves by the end of the fiscal year. The release also notes that the cash reserves equals the savings account, not the daily operating budget.

IHL is now holding weekly meetings with JSU leadership to keep tabs on progress. Part of JSU's plan is to leave vacant positions open, put all revenues into reserves and limit purchasing and travel.

The IHL commissioner noted that the financial situation will take time to reverse.

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