RICHMOND, Va. (AP) — An accrediting body has put Virginia Union University on warning because of failure to comply with three core financial standards.
The Southeastern Association of Colleges and Schools’ Commission on Colleges says there are deficiencies in the university’s control over its financial resources. There also are deficiencies in the university’s control over externally funded or sponsored programs and research.
Virginia Union also failed to comply with federal Title IV student financial aid requirements.
The commission will review Virginia Union’s accreditation in December. The university could be put on probation. Or, the commission could remove the sanction if it determines that progress has been made.
University President Claude G. Perkins told The Richmond Times-Dispatch (http://bit.ly/PObEWE ) that the school is working with its auditing firm. School officials are confident that improvements will result in the warning being removed at the end of the year.
“We believe that the warning has given us an opportunity to strengthen our financial division and the overall university,” Perkins wrote in an email.
Virginia Union has hired additional personnel for finance and payroll operations since its accreditation was reaffirmed in 2010, when it met all but three of 73 comprehensive standards, Perkins said. Training for a new software system also has been provided.
An audit report from the 2011-2012 fiscal year Is expected to show that financial procedures have improved, he said.
Other improvements include the additions of new faculty and academic programs over the past three years. The university also has spent $5.5 million on campus improvements.
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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com
