A Lynchburg university has been put on probation by its accreditation group.
The Transnational Association of Christian Colleges and Schools (TRACS) released on Tuesday, that it placed Virginia University of Lynchburg on probation for "failure to adequately maintain the financial stability of the institution and non-compliance with TRACS Standards."
TRACS gave VUL one-year to turn around its problems, and re-enter compliance with TRACS standards. VUL must submit a progress report by February 15, 2014, with a second report two months later.
TRACS also added the following two conditions:
1. That monthly financial statements, beginning with October 2013, be submitted to the TRACS office, no later than 20 days after the month's end
2. That VUL submit to the TRACS office an internal trial balance as of June 30, 2014, submitted no later than August 1, 2014, and its annual audit for the year ending June 30, 2014, by September 1, 2014
"This Accreditation Commission action underscores the fact that financial stability is at the core of TRACS' responsibility as a gatekeeper for Federal Title IV Funds, and the importance of VUL moving aggressively to fully address the concerns which necessitated that the Accreditation Commission take such action," the association wrote.
TRACS plans to make a decision on VUL's probation status during a meeting October 22nd-24th, 2014.