Cheyney University Ends Fiscal Year with Balanced Budget, Surplus for First Time in Eight Years

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Image via Cheyney University.

Cheyney University has ended a fiscal year with a balanced budget and a surplus for the first time in eight years, making significant progress toward retaining its accreditation, writes Susan Snyder for The Philadelphia Inquirer.

The embattled state university also managed to raise $4.4 million through its “Resurgence” campaign led by the school’s alumni and other fundraising efforts. This helped the school, with an annual budget of $26 million, achieve a surplus of $2.1 million.

According to Cheyney president Aaron A. Walton, the money came from alumni, faculty, staff, and businesses, among others.

Still, the biggest portion, $2.5 million, came in as an “unrestricted grant” from the Pennsylvania Department of Education. The state also increased funding for scholarships to the honors program at the nation’s oldest historically black college.

“Gov. Wolf has been extremely supportive,” said Walton. “We couldn’t have asked for a greater level of support and encouragement.”

But before any final decision is made on Cheyney‘s accreditation, the Pennsylvania State System of Higher Education still needs to review its budget.

“While we are encouraged by the progress Cheyney University has made,” said system spokesperson David Pidgeon, “we acknowledge there are steep challenges ahead.”

Read more about Cheyney’s progress in The Philadelphia Inquirer here.

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