TALLADEGA, Ala. ( WBRC Talladega College administrators indicate that they have regained momentum regarding the institution’s fiscal well-being.
This follows an instance from last year when payroll was missed due to certain financial difficulties.
On Thursday, college administrators discussed their advancements and modifications following an assessment of ineffective practices to address issues and enhance performance.
In September, Interim President Walter M. Kimbrough stated that the institution would conduct an audit due to financial concerns. According to Dr. Kimbrough, after completing this audit, the college decided to eliminate certain athletic programs as part of their tough choices.
These reductions are helping the school save between $300,000 and $400,000 each month.
Dr. Kimbrough mentions that the college received a $15 million loan from Hope Credit Union to bolster their financial standing as they adopt an improved business strategy moving ahead.
"We recently experienced a phase where we deviated somewhat from our traditional approach. However, I believe the core values remain intact. We simply need to refocus and stay loyal to what defines Talladega College. If we achieve this, we will find ourselves in a favorable position," stated Kimbrough.
"We must trust but also verify the aspect of accountability. Simply telling me isn’t sufficient; I need to see concrete evidence. We're currently implementing these internal checks, accountability mechanisms, and procedures," stated Chairwoman Rica Lewis-Payton.
Dr. Kimbrough states that the institution has no intentions of raising tuition fees this year; however, they intend to review this matter down the line. He feels confident that the expenses will remain manageable for pupils seeking a high-quality education.
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