Morris Brown College Faces Foreclosure

Esteemed black college struggles to pay $13 million worth of bonds

From AJC.

Morris Brown College, one of the oldest and most prestigious black colleges in the country, is reportedly facing a looming foreclosure due to academic and financial strains. According to reports, investors bankrolled $13 million worth of bonds that the college is unable to pay back. An auction of assets, including the college’s administration building, is scheduled for Sept. 4. The bonds were issued back in 1996 by the Fulton County Development Authority during the time of the Atlanta Olympics.

But considering Morris Brown cannot receive federal funds because it lost its accreditation in 2002 after a mismanagement scandal, school officials have reportedly scheduled a prayer vigil to come up with a plan on how to move forward amid their gloomy financial bind. This isn’t the first time Morris Brown faced dire circumstances. After it lost its accreditation the school struggled to pay its utility bills and has seen steep drops in enrollment from 3,000 to 50 students.

Read more at AJC.

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  • http://www.facebook.com/africanamericanwarroom AfricanAmerican WarRoom

    It is important that Historically Black Colleges and Universities be able to remain open. It is important to African America as a whole that these colleges and universities be supported by the Black community.
    The history and significance of America’s HBCU’s alone, is enough that we should ALL chip in and support the legacy of African America’s Colleges and Universities; particularly, in the case Morris Brown, which is about to be lost in the annals of forgotten history.
    There are approximately 40+Million African Americans in America, 40-something Million Black people, and that’s not counting recent African and Caribbean immigrants to this country. If each Black person in America donated at least $1.00 or more to save this university, and do so each year, this HBCU could be saved and donations like this could not only save, but also grow all of America’s HBCUs into State of the Art institutions.
    Office of The President
    Dr. Stanley J. Pritchett, Sr.
    Office: (404)739-1010
    Fax: (404)739-1018
    Email: stanley.pritchett@morrisbrown.edu

    Morris Brown College
    643 Martin Luther King Jr. Drive
    Atlanta, Georgia 30314
    Website: http://www.morrisbrown.edu

    http://www.morrisbrown.edu/01_06_administration_d.htm