Bennett College Keeping Its Accreditation After Getting $8 Million Donation
The Bennett Belles are having a triumphant day! Bennett College will keep its accreditation after donors helped the historically black college raise $8 million.
The North Carolina college had a Monday deadline to raise $5 million to help keep their accreditation. WXii12 reports that during a 90-minute gathering Monday afternoon, school officials announced that they’ve raised $8.2 million.
Bennett’s deadline came from the Southern Association of Colleges and Schools’ Commission on Colleges voted to remove Bennett’s membership due to financial instability in December.
“When we were cited in December that we would be removed from membership in SACS, we were told that we did not meet one standard, which was financial resources. And so, SACS has 90 to 95 standards, and that’s the only standard we did not meet. So, to that extent we have to produce $5 million to demonstrate financial stability,” Bennett College President, Phyllis Worthy Dawkins said.
“This $5 million can be used to support operations of the institution, can be used to support student gap funds and can be used in a variety of different ways,” Dawkins said. “We also are still liquidating some of our assets, so that does not include that amount (already raised), and we’re also seeking loan forgiveness, so a combination of things will make up the $5 million, so I feel confident we’re going to make it.”
Donors included local college High Point University and the nation’s first black sorority Alpha Kappa Alpha Sorority, Inc. who pledged $100,000 to the institution.
We’re happy to hear the news that another HBCU will continue to stand. Congrats Bennett!!!