RICHMOND, Va. (WRIC) — A new state report shows that three Virginia universities are at “some risk” of not being able to operate in the future due to financial problems.
Virginia’s Joint Legislative Audit and Review Commission (JLARC) found that Virginia State University in Chesterfield County, The University of Mary Washington in Fredericksburg and Radford University in Radford all had “some” financial viability risks. However, that doesn’t mean they’re in immediate danger of closing.
“The Presidents of these institutions know this, they didn’t need all this, we needed it and they have taken steps to try and address the weaknesses so all of us are interested in their success,” said Delegate Mark Sickles (D-Fairfax) at a JLARC meeting on Oct. 8.
Researchers say Virginia State University has seen a revenue decline in recent years as it aims to keep its price affordable to serve traditionally underserved communities.
The report blames the problems at Radford University and the University of Mary Washington on a significant enrollment decline. However, the report adds that both schools’ enrollment numbers appear to be stabilizing.
Radford University told JLARC it plans to ensure it has enough money to continue operating in the future through a continued focus on in-state enrollment. Mary Washington said it will work to reduce institutional spending on certain financial aid programs. Virginia State University said it will work to continue securing state and federal funding to remain accessible to all students.