DAYTONA BEACH, Fla. (AP) — A historically black university in Florida is dealing with mounting financial problems.
The Daytona Beach News-Journal reported Sunday a review of tax documents showed annual losses at Bethune-Cookman University have climbed over a three-year period from $254,000 to $17.8 million.
The paper said that tax returns show that salaries are increasing and that the college borrowed money from its endowment fund.
President Edison Jackson did not respond to questions about university finances. Joe Petrock, chairman of the school’s board of trustees, said it is not the college’s policy to discuss fiscal affairs in public. He added that trustees are working to “address and improve our financial matters.”
U.S. Education Secretary Betsy DeVos gave a commencement speech at the university in May and had her speech nearly drowned out by boos and shouts.
Information from The Daytona Beach News-Journal: http://www.news-journalonline.com/