JACKSON, Mississippi (WJTV) – A report shows that Jackson State University has enough cash reserves to operate for just over a week.
The Institutions of Higher Learning board meeting this morning, says that a report on JSU shows that the university has $4 million cash on hand now in the cash reserves fund. That is a ninety percent decline from the $37 million on hand that JSU had in 2012.
Thee report indicates that JSU could operate for just over a week with the cash they have on hand now.
The university has $271 million invested in buildings and infrastructure.
— Beth Alexander (@BethAlexanderTV) October 20, 2016
According to the report from the CPA firm of Matthews, Cutrer and Lindsay, P.A. the university has enough money in their cash reserves to operate for 7.77 days.
The release accompanying the report appears below:
According to the firm JSU owes $8.74 for every one dollar in their unrestricted fund balance. IHL is meeting with JSU weekly to discuss cost-saving measures.
JSU officials tweeted that they are aware of the financial issues and that the school is not in danger of closing. The school claims they are taking steps to restore the cash reserves. They said the information released from IHL applies to the school’s savings account and does not affect the daily operating budget.