“New potential sources of funding have engaged” with Birmingham-Southern College (BSC) in efforts to keep the private school open, according to Birmingham-Southern College president Daniel Coleman.
Birmingham-Southern is on the brink of a possible shutdown due to financial missteps by the College’s administration in previous years and declining enrollment. Alabama State Treasurer Young Boozer recently denied a $30 million state loan to bail the private school out.
Legislators passed the Distressed Institutions of Higher Education Revolving Loan Program and appropriated $30 million in the 2023 legislative session. The Alabama State Treasurer’s Office administers the program.
Montgomery County Circuit Judge James Anderson dismissed a lawsuit last week filed by Birmingham-Southern against Boozer for the loan denial.
Coleman said in a statement on Thursday, “The Board of Trustees, which has been meeting weekly (and sometimes more often) throughout this year, remains highly engaged in the effort to secure funding that will ensure the College’s future.”
“On Wednesday’s call, I shared with them that some new potential sources of funding have emerged and that we are continuing to reach out to everyone who can help the College for the long term. The Board remains committed to success, and so do I. As we move forward, we are encouraged, and I want you to be, too,” he added.
Attorneys for BSC have previously said the school would shut down at the end of the fall semester if the state loan wasn’t secured.
To connect with the author of this story or to comment, email [email protected].
Don’t miss out! Subscribe to our newsletter and get our top stories every weekday morning.