Jackson State University is facing financial oversight after revelations it only has one week of cash reserves.
A newly released report by the college board reveals Jackson State University's bank account has plummeted since 2012 by 89 percent. Cash reserves dwindled from $37 million to $4.2 million this year. That means the university has enough cash on hand for one week. Commissioner Glenn Boyce says they've hired a certified public accounting firm to review the university's financial records and oversee spending.
"I think there's obviously some management issues, and I would tell you that at this point that's why we put a team in there okay, was to find out exactly how the expenses were spent, where the money went," said Boyce.
JSU spokesperson Olivia Goodheart says the money was used to enhance services.
"It was used to expand programs. It was used for new facilities at the university. It was used to enhance our education programs and offerings to our students," said Goodheart.
Goodheart says JSU is limiting travel, purchases, installing energy efficient lighting and not filling vacant positions. They hope to save $10 million by June. She says the issue will not impact daily operations, payroll or scholarships. Akil Muhammad is a senior, majoring in civil engineering, at Jackson State.
"It's all over every social media app, Twitter, Facebook, Instagram, Snapchat. Students are going viral. They're very, very disappointed in the institution.
JSU spokesperson Olivia Goodheart denies rumors university president Dr. Carolyn Meyers is stepping down.