For over two years, Saint Augustine’s University in Raleigh, North Carolina, has been in the midst of accreditation turmoil as a result of financial and other issues. While the university secured temporary accreditation ahead of the Fall 2025 semester, its future remains uncertain.
Recently, Self-Help Venture Fund, a nonprofit loan fund managing high-risk clients, agreed to assume some of Saint Augustine’s University’s debt, as long as the HBCU agreed to one key caveat: the removal of two former board of trustees members who were serving on the board in emeritus roles, according to information obtained by WRAL.
Saint Augustine’s University spokesperson Demarcus Williams told WRAL, “The university has implemented governance and leadership updates and is advancing a comprehensive financial health strategy with the support of experienced partners.”
He continued, “Board, executive, and academic leadership are firmly in place, and the university is advancing a strategic approach focused on institutional stability and sustainability, with the support of experienced partners, including Self-Help.”
Two past chairmen, Brian Boulware and James Perry, are no longer listed as board members on Saint Augustine’s University’s website. Boulware told WRAL he hadn’t been notified of his removal, while Perry said his term had expired.
In an email acquired by WRAL, current chairwoman Sophie Gibson wrote to her fellow board members stating, “History will record what this board did—or failed to do—at this moment. I trust that each of you understands the weight of that responsibility.”
The final financial terms of Saint Augustine’s University and Self-Help’s deal are unknown at this time. However, records obtained by WRAL suggest the proposal could cover as much as $30 million in financing to cover debt and tax liabilities.
