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NC’s Greensboro College warned about finances

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GREENSBORO — A struggling North Carolina college has gotten a formal warning about its financial condition, but otherwise gotten off easy.

The News & Record of Greensboro reported Thursday that Greensboro College received a formal warning from its accrediting agency.

The warning from the Southern Association of Colleges and Schools’ Commission on Colleges points to requirements for sound budgeting and financial operations.

It’s the least serious disciplinary action the commission can take.

The private Methodist college has about 1,200 students. It had to offer most of its campus as collateral this summer for Bank of America to restructure more than $19 million in debt and extend its credit line.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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A struggling North Carolina college has gotten a formal warning about its financial condition, but otherwise gotten off easy.

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