A college accrediting bureau has placed Guilford College on a form of probation concerning its financial issues.
A post by Guilford College President Kyle Farmbry says the university has taken steps to improve its financial management, like hiring an auditing firm experienced in higher education accounting and implementing Workday, a financial management and human resources software program.
Farmbry says a cyberattack on the university last year led to significant unexpected expenses and contributed to a budget deficit.
The Southern Association of Colleges and Schools Commission on Colleges is the accrediting body for institutions of higher learning in 11 Southern states.
According to the organization’s guidelines, probation "for good cause" extends the accreditation of a school that has served two consecutive years of probation.
It’s granted to institutions that have addressed issues of noncompliance, shown that it has the potential to remedy all deficiencies, and can assure the accrediting board that it's unaware of any other reasons why it shouldn't be allowed to continue on probation.
Farmbry says Guilford College has a year to satisfy the requirements and that the school maintains its accreditation.