St Aug’s financial crisis | Saint Augustine’s University faces crucial accreditation decision this weekend [Video]

RALEIGH, N.C. (WTVD) — This weekend will be critical in the history of Saint Augustine’s University in Raleigh.

The Southern Association of Colleges and Schools Commission on Colleges will consider the school’s accreditation at its annual meeting, which will be held December 7 to 10 in Austin, Texas.

St Aug’s has been on probation with the accrediting agency for two years after failing to meet several of its standards.

Last December, an appeals committee voted to terminate the university’s accreditation.

University leaders said they have made the necessary financial improvements to receive a favorable outcome during the weekend hearing. This includes four financial audits and cutting half of its employees which saves $17 million.

WATCH | St. Augustine’s financial trouble creates lingering issues for former student

The HBCU university — remaining millions of dollars in debt — secured a $7 million loan from Gothic Ventures with a high-interest rate.

If the decision does not work in Saint Augustine’s favor, SAU Provost Dr. Janelle Jennings-Alexander said Thursday …