Saint Augustine’s University in Raleigh faces significant financial challenges, including nearly $10 million in unpaid taxes according to IRS filings, alongside accreditation issues and a legal dispute with alumni and former board members over governance concerns.
Saint Augustine’s University Faces Financial Crisis Amid IRS Tax Dispute and Accreditation Struggles
According to the Triangle Business Journals, Saint Augustine’s University in Raleigh is facing significant financial difficulties with the IRS, which claims the university owes nearly $10 million in unpaid taxes spanning up to December 2023. This situation is placing considerable financial strain on the historically Black university, particularly given its operating budget was approximately $35 million in the last academic year.
On top of the tax issues, Saint Augustine’s is also dealing with accreditation troubles. The university was recently kicked out of its accrediting agency, SACSCOC, because of ongoing financial difficulties. Despite trying to appeal and going through arbitration to keep its accreditation, the future of the university’s academic standing is uncertain.
READ ALSO: 23 Million Americans Lose Medicaid Coverage: Disproportionate Impact On Vulnerable Communities
Saint Augustine’s University Faces $10 Million IRS Tax Lien and Accreditation Concerns: A Perfect Storm of Financial Woes (PHOTO: WRAL.com)
Saint Augustine’s University Grapples with Legal Challenges Amidst Financial and Governance Issues
Besides all this, Saint Augustine’s is in a legal fight with alumni and former board members over how it’s run. They’ve accused the university’s board of not doing their job properly, which they say led to the IRS problems. Despite these challenges, the university’s leaders are working on short-term financial solutions and trying to figure out how to fix their tax problems and maintain their educational standards.
READ ALSO: $7,500 Tax Credit Alert: Top Electric Cars Eligible For Federal Incentives
