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Senior leaders at Averett University are taking pay cuts and some employees are having their work week reduced to four days due to financial mismanagement, Cardinal News reported.
Administrators blamed the financial shortfall on an unnamed former employee. While officials told the news outlet that the university had learned of unauthorized withdrawals from its endowment, they said there was “no evidence of embezzlement, theft and the use of funds for non-university purposes.” They did not specify, however, how the money was used.
Now Averett officials aim to cut $6 million in costs for the coming academic year. An estimated 125 of Averett’s 200-plus full-time employees will be affected by cost-cutting measures.
A spokesperson told the Danville Register & Bee they discovered the issue early enough that it was “fixable” and that the belt-tightening measures “will set us on the right track for our next school year.” The private university in Virginia is also anticipating an enrollment increase for this fall.
