Morris Brown College Gets Approval For $500,000 Settlement to Eliminate U.S. Department of Education Debt
Atlanta, GA ( June 7, 2011). The United States Department of Justice (DOJ) has approved a settlement agreement between Morris Brown College and the United States Department of Education (DOE) which resolves the $9,944,000 debt owed by Morris Brown to the Department of Education.
The settlement agreement calls for Morris Brown College to submit payment of $500,000 to the DOE within ninety days from the Justice Department’s approval. The 90-day clock started on May 26th – the day which the Department of Justice gave its approval. Morris Brown has until August 24, 2011 to pay the agreed upon settlement.
An aggressive fundraising campaign has been launched by the Board of Trustees and the National Alumni Association at Morris Brown College. The alumni association, under the leadership of George Hopkins; together with a special fundraising committee of the Morris Brown Board of Trustees, headed by Robert Barnett and Vicki Jenkins, are working round-the-clock to raise funds. The fundraising effort has collected $251,629 as of June 2, 2011.
“The removal of approximately ten-million dollars worth of debt from the overall debt profile of Morris Brown opens the door to a broader life-line of support,” said Dr. Stanley Pritchett, president of Morris Brown “Morris Brown has been moving forward since a turn-around plan was put in place in 2010. We are thankful for this opportunity; and we know that there were many friends who helped to bring this to reality. This reduces our overall debt and allows us to step up our pace in the giving community. Frankly, it keeps hope alive,” Dr. Pritchett added.
“It is critical that Atlanta not lose any institution of higher education. Morris Brown has a legacy and a role to play in the future of Atlanta’s education community. We have a plan of action for the 21st century, We continue to turn to the greater Atlanta community for support for assistance,” said Dr. William DeVeaux, Chairman of the Morris Brown Board of Trustees.