More news out of the University of Central Arkansas, reported first this morning on ArkansasBusiness.com:
The University of Central Arkansas has borrowed money for the past two years in violation of state law. On Friday, its board of trustees brought the institution’s cash-flow problems into compliance by requesting an advance of $3.6 million from the state Department of Finance & Administration and requesting formal approval for an existing $6 million bank line of credit.
Arkansas Business Editor Gwen Moritz and Assistant Editor Mark Hengel are still working the story, which updates throughout the day here.
Filed under: Arkansas Business, business | Tagged: Arkansas Department of Finance and Administration, Arkansas Department of Higher Education, Conway, education, Gwen Moritz, Lu Hardin, Mark Hengel, UCA, University of Central Arkansas |