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Thu February 20, 2014
Mid-Continent University "Doing Everything They Can To Stay Open"
A Mid-Continent University official says they’re doing everything they can to keep the university open despite a dire financial situation.
More than 2500 students attend the Mayfield-based Christian University.
MCU Board of Trustees Chairman Tom Butler Sr. says the university’s board is facing a possible closure after the Department of Education rejected their submission for federal financial aid.
"They have found mistakes in our submissions and have kicked them back to us and that’s been going on for several months now and until those things get done correctly we can’t get the federal money that we’re due," said Butler. "So we’ve been spending our own money and we’re getting to the end of it right now. We’re working diligently though to find financial sources that would enable us to continue."
The school’s been spending nearly $9 million of its own money to pay for tuition assistance, textbooks and other supplies, and that money is about to run out.
Butler says MCU now has to find alternative funding or else face the possibility of the university shutting down.
"I think we’re always fearful of something like that," said Butler. "I think we’ll know more within the next few days as to, how, the funding sources we’re able to attract."
MCU President Robert Imhoff has indicated that he may step down from leadership pending the next board of trustees meeting, but Butler says he can neither confirm nor deny that that would happen.
In December, the Southern Association of Colleges and Schools placed MCU’s accreditation on “warning status” which Butler says is tied to the current financial instability.
A board meeting hasn't been scheduled, but Butler says when he calls it, he'll have something concrete for the board to consider.