Lon Morris College Tries to Overcome Major Financial Troubles
In effort to work through its plaguing financial problems, the Board Members of Lon Morris College in Jacksonville have decided to move forward and hire a consulting group to assist in reorganizing the College’s financial issues.
David Hubbard, the new executive director of student enrollment and retention services, said the college will begin exploring new avenues to raise capital, which will include a leaner budget and trimming back in many areas.
During the past year, employees received late paychecks and some faculty and staff deferred pay in order for the College to pay their debt obligations.
The two-year private college only receives revenue from fundraising and tuition.
Hubbard said the board members have a “can do spirit” and will do whatever it takes to overcome the College’s cash flow problems.
Lon Morris College is the oldest private college in the state of Texas and was established in 1873.