Friday, April 25, 2014
ORANGEBURG, S.C. (AP) -- South Carolina State University is on track to run out of money next month.
University President Thomas Elzey told trustees Thursday that the Orangeburg school has $1.5 million on hand. That's less than half of what S.C. State needs to pay its more than 1,000 employees, utility bills and debt payment next month.
The school has requested a nearly $14 million bailout from the state after years of borrowing money to cover deficits caused by declining enrollment and overspending.
Officials say the only reason S.C. State made payroll this month is because money from its food-service vendor.
The state Budget and Control Board is set to discuss the school's finances next week. University officials say they're optimistic government leaders will help the school find a way to keep going.