GEORGETOWN, Ky. — One year after being placed on probation by its accrediting association, Georgetown College in Kentucky has been “given a clean bill of health,” according to college president Bill Crouch. Georgetown was placed on probation in December 2004 by the Southern Association of Colleges and Schools (SACS) due to financial concerns.
In the wake of the post-9/11 economic downturn, Georgetown’s net assets declined by more than $16.5 million, from $61 million to $44.5 million. But now the school’s net assets have increased to $52.4 million, according to James Moak, Georgetown’s chief financial officer. The school’s long-term endowment also has rebounded.
The SACS Commission on Colleges met Dec. 5, 2005, and removed Georgetown from probation at that time.
In addition to addressing the probation issue, Georgetown officials spent recent months negotiating with Kentucky Baptist Convention (KBC) leaders about changing their financial and governance relationship. The plan, approved in November by KBC messengers, specifies that Georgetown will elect its own trustees beginning in 2006 and that KBC will phase out Georgetown’s $1.3 million convention allocation over the next four years.
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