Home
Articles
Photos
Interviews
Forums
New posts
Search forums
Georgia Tech Recruiting
Dashboard
What's new
New posts
New profile posts
Latest activity
Chat
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Georgia Tech Athletics
Georgia Tech Football
Conference Realignment
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="Vespidae" data-source="post: 1005343" data-attributes="member: 2957"><p>Maybe. I don't know enough about Birmingham-Southern's internal finances but this is what was reported:</p><p></p><p>"Publicly available financial documents show that the college has operated at a deficit for eight of the last 10 fiscal years. At the same time, Birmingham-Southern’s enrollment has slipped from more than 1,500 students in fall 2010, according to federal data, to 731 last fall, according to numbers the college listed in legal documents.</p><p></p><p>Serious missteps by past administrations have also contributed to the closure. In 2010, a major financial aid error was discovered in which BSC incorrectly calculated Pell Grant awards, overpaying by millions. Steep budget cuts and significant layoffs soon followed, and the college faced a revolving door of presidents. The college also depleted its endowment, tapping the funds for building projects and other needs. In Tuesday's press release, Coleman noted that when he took office in 2018, the college had a history of drawing heavily on its endowment to cover operating losses. Once valued at more than $110 million, BSC’s endowment withered to roughly $51 million by fiscal year 2022.</p><p></p><p>After years of serious operational issues, Birmingham-Southern warned in December 2022 that it could close in May 2023, citing more than a decade of financial stress."</p><p></p><p>State schools are funded by property taxes so the financial crash of 2009 and even Covid had little to no effect on state universities. Private schools like B-S have to rely on their endowments. I know several other schools that like B-S have blown their endowment and are struggling to stay afloat. I think the sports program had far less to do with it (I could be wrong) than the drawdown of the endowment. That's probably why the state refused to get involved.</p></blockquote><p></p>
[QUOTE="Vespidae, post: 1005343, member: 2957"] Maybe. I don't know enough about Birmingham-Southern's internal finances but this is what was reported: "Publicly available financial documents show that the college has operated at a deficit for eight of the last 10 fiscal years. At the same time, Birmingham-Southern’s enrollment has slipped from more than 1,500 students in fall 2010, according to federal data, to 731 last fall, according to numbers the college listed in legal documents. Serious missteps by past administrations have also contributed to the closure. In 2010, a major financial aid error was discovered in which BSC incorrectly calculated Pell Grant awards, overpaying by millions. Steep budget cuts and significant layoffs soon followed, and the college faced a revolving door of presidents. The college also depleted its endowment, tapping the funds for building projects and other needs. In Tuesday's press release, Coleman noted that when he took office in 2018, the college had a history of drawing heavily on its endowment to cover operating losses. Once valued at more than $110 million, BSC’s endowment withered to roughly $51 million by fiscal year 2022. After years of serious operational issues, Birmingham-Southern warned in December 2022 that it could close in May 2023, citing more than a decade of financial stress." State schools are funded by property taxes so the financial crash of 2009 and even Covid had little to no effect on state universities. Private schools like B-S have to rely on their endowments. I know several other schools that like B-S have blown their endowment and are struggling to stay afloat. I think the sports program had far less to do with it (I could be wrong) than the drawdown of the endowment. That's probably why the state refused to get involved. [/QUOTE]
Insert quotes…
Verification
What jersey number did Joshua Nesbitt wear?
Post reply
Home
Forums
Georgia Tech Athletics
Georgia Tech Football
Conference Realignment
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…
Top