Cheyney University, the historically Black educational institution in Pennsylvania, faced a deadline to balance its budget by June 30 or risk losing its accreditation. Officials at the university have stated that they have reached that goal, but so far have not provided specifics.
Cynthia Moultrie executive director of finance and administration told the Philadelphia Tribune, “the budget is balanced. I can confirm that. Without getting into the accounting of it, we have satisfied everything associated with revenues and expenses.”
The university must file a report with the Middle States Commission on Higher Education next month with details on the university’s budget. The commission will decide in November if Cheyney is to remain accredited.
The balanced budget is crucial to Cheyney’s future. If the university can show a balanced budget for the next three years, the state of Pennsylvania will forgive $30 million of the school’s $43 million in debt owed to the state’s higher education system. This reduction in debt would bolster the bottom line of the university.
Cheyney’s financial problems stem in part to a sharp drop in enrollments. In 2010, there were nearly 1,600 students enrolled at Cheyney University. By 2014, the number of students enrolled had dropped to just over 1,000. This past semester, there were just 415 students on campus.