>>Averett University Facing Continued Financial Constraints
(Danville, VA) -- Averett University continues to face financial constraints, including staff furloughs and the elimination of retirement savings matches.
Scott Kimbler with more.Preview: Voicer Script:
Averett [[AY-ver-ett]] University is in default on over $14.6 million in bonds due to a falling debt service coverage ratio and lack of proof of required insurance coverage. The university is not behind on bond payments, but may be forced to repay the bonds sooner than planned if issues are not resolved. The Cardinal News reports the university is working to recover from financial mismanagement and has a new president, David Joyce. Other universities, like Bradley University, have faced similar financial challenges related to bond debt requirements.