Financial disorder continues

President Fred Gainous, along with several university officials, held a press conference Monday to explain inconsistencies on the university’s financial statements.

Gainous, who was guarded by Love Collins, vice president for development; Patricia Green-Powell, vice president for student affairs and University Provost Larry Robinson, clarified recent news reports about a $1.8 million discrepancy in the statements.

It was not made clear in the reports whether the discrepancy was an asset or liability.

Gainous told reporters the $1.8 million was a net asset for the university.

“We are still working together with the comptroller and the Office of the Solicitor General to determine that the money is a net asset rather than a liability,” he said.

At the conference, Gainous did not specify where the surplus of money came from. He did state that the administration is currently reviewing the situation.

“It was inevitable that we would have to clear up some things,” he said. “I think we have done an excellent job, considering the circumstances.”

After his brief discussion on the financial statements, Gainous said over two-thirds of the student body have registered for the spring semester.

He assured reporters that student aid would not be affected, and all students who are eligible for financial aid will receive it.

“The light at the end of the tunnel is that we’ll never have to go through this again,” Gainous said.

The university is still under a travel and expenditures freeze. Gainous denied rumors that he might resign from his position.

“I believe that the fiber of this institution is still vibrant and strong,” he said.

“And we will do whatever it takes to make sure it remains that way.”

DeAnna L. Carpenter can be reached at