Despite the $30 million sale of a share of an historic art collection, Fisk University will continue to be on probation by the Southern Association of Colleges and Schools regarding its financial issues.
SACS reaffirmed Fisk’s accreditation for a year but prolonged the probationary period. School officials cited “financial stability” and “adequate financial controls” as two of the reasons it wasn't taken off of probation. SACS did remove concerns about qualified academic and administrative officers.
Fisk hopes to address the remaining financial concerns through the completion of a 2013 audit, a press release said.
The school wrapped up a long court battle earlier this year that finally approved the proposed sale of a half-share of prized art donated to the school by artist Georgia O’Keefe.
The deal brought an influx of $26.1 million to the school’s bottom line, a move that outgoing Fisk president Hazel O’Leary told The City Paper at the time was “just the kind of thing that SACS would like to see happen.”
O’Leary will retire at the end of the year. Her successor, H. James Williams, was named to the president’s post last week.