ATLANTA -- One of the nation's oldest black colleges is facing foreclosure next month, and an auction of assets is set for Sept. 4.
Officials said the college is facing foreclosure after investors called $13 million worth of bonds tied to the college.
Former Atlanta City Councilman and Morris Brown graduate Derrick Boazman called the development "heartbreaking."
The school is planning a prayer vigil Saturday, where plans to move the school forward will be discussed.
Benjamin Harrison is a spokesman for the 6th District African Methodist Episcopal Church, which oversees the school. He says officials will talk about reorganizing and restructuring as well as finances.
Quote:
Morris Brown, a Historically Black College in Atlanta, has seen its share of troubles in recent years, but its most recent financial issue threatens to shut down the time-honored college once and for all. The Atlanta-Journal Constitution writes:
“Morris Brown is facing foreclosure next month, after investors called $13 million worth of bonds tied to the college. An auction of assets, including the administration building, is scheduled for Sept. 4."
"This is heartbreaking and not only a sad day in the life of Morris Brown, but in Black academia," said former Atlanta City Councilman Derrick Boazman, a 1990 graduate of Morris Brown. "The school is needed now more than ever."
"The school is planning to have a prayer vigil on Saturday, where they will offer a plan to move the school forward.”
The school lost its accreditation in 2003 amid claims of fraud, severe financial mismanagement and debt. Since losing its accredited status, enrollment at the college dropped from around 3,000 to about 50.
This may be a non-factor issue to some but this seems deeply disturbing and sad.Would hate to have to see another HBCU go by the wayside because of Financial ineptitude and greed.The struggle for minority Higher education is getting real.
