School officials at Chicago State University (CSU) say the future of the largely African-American college is in jeopardy because officials cannot pass a budget to get the school the funding it needs.
According to the Huffington Post, CSU officials says the reserve funds will run out by March 1, more than two months before the end of the current semester. CSU relies on the state for approximately 30 percent of its budget, or about $36 million.
CSU is a member-school of Thurgood Marshall College Fund (TMCF), which is a non-profit, tax-exempt charitable organization that supports and represents 47 member-schools with a total of over 300,000 students among them.
If the school is closed, degrees will not be handed out, but students will still be left with loan debt if they took them out.
“The current budget situation is historically unprecedented and therefore makes it very difficult to predict exactly how it will eventually be resolved,” CSU President Thomas Calhoun Jr. said in a Jan. 14 memo to staff and students.
Calhoun said the financial issues “may lead to a massive disruption of services.”
CSU spokesman Tom Wogan said everyone at the school is dealing with the issue “day by day.”
“We have to get to the end of the semester one way or the other,” Wogan said Sunday. “We have a moral, legal and ethical obligation to do that.”