Kentucky State University may run out of money before the spring, WDRB reported.
Aaron Thompson, president of the Council on Postsecondary Education, told Kentucky lawmakers Tuesday that the historically Black university needs at least $23 million to keep its doors open. Kentucky State is the only public HBCU in the state.
Thompson was instructed by Kentucky governor Andy Beshear to investigate the university’s financial situation. The council’s report revealed years of financial mismanagement while Christopher Brown, Kentucky State’s former president, led the institution.
Members of the Legislature appeared to support helping the university, but some worried about preventing such mismanagement in the future.
Clara Ross Stamps, the acting president of Kentucky State, assured the Legislature that the university would enact change, according to WDRB.
“We must act. As leaders of the institution, we must be held accountable for our actions, our non-actions, our inactions,” she said. “We don’t make excuses. We will get back to the basics.”