UA to use reserve funds to spike deficit
FAYETTEVILLE, Ark. (AP) - The University of Arkansas says it will use reserve funds and money raised from private sources to wipe out the remainder of a $4.2 million deficit in the fundraising division's budget.
University officials said Thursday the division is in the middle of a major fundraising effort. As the school's endowment grows, a portion of the money will go to the fundraising division to balance its budget. The division will also repay the reserve fund.
The university said in a news release that the deficit is down to $3.2 million and that it will use a blend of reserves and private funds to cover the sum during the fiscal year that ends June 30.
The deficit drew criticism from legislators after it was revealed and two university officials lost their jobs.Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.