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SETTING THE RECORD STRAIGHT
The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) removed the HBCU’s membership following significant financial issues, including a $32 million debt and an IRS battle.
(Mitti Hicks/BLACK ENTERPRISE) ––It’s been a challenging few years for one of North Carolina’s oldest HBCUs. In December 2022, Saint Augustine’s University was placed on probation after failing to meet accreditation standards. The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) removed the HBCU’s membership following significant financial issues, including a $32 million debt and an IRS battle.
But the HBCU is inching one step closer to the light at the end of the tunnel after the Black-owned development company 50 Plus 1 Sports invested $70 million to save the university.
“We were introduced to the University back in October, and from that very first moment, our first statement was that we wanted to help the university keep its land and be self-sufficient,” Monti Valrie, founder and CEO of 50 Plus 1 Sports, tells BLACK ENTERPRISE.
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