Friday, Sept. 28, 2012
ORANBEBURG, S.C. (AP) -- An auditor for South Carolina State University says it will take years to clear up the finances at the Orangeburg school.
Stathis Poulos of the BDO audit firm says the school needs to do better long-term forecasting.
Poulos says it took years for the school's financial problems to reach the current stage and it will take years to reverse the damage.
He says for the past five years, the university's operating revenues have been significantly less than the operating expenses. Figures for the last school year show South Carolina State had operating income of $91 million and operating expenses of $118 million.
He says the school depends too much on state appropriations and federal grants. He says tuition and auxiliary revenues should cover operating expenses such as salaries and utilities.
(Copyright 2012, The Associated Press)