UCA cleared on credit | Arkansas Blog

Tuesday, October 14, 2008

UCA cleared on credit

Posted By on Tue, Oct 14, 2008 at 3:46 PM

The Higher Education Coordinating Board today cleared the University of Central Arkansas's $6 million line of credit with local banks. UCA obtained the credit line long ago, after a vote of the Board of Trustees, but officials said they had not been aware until recently that state approval was required first for such arrangements.

UCA also got approval from the Department of Finance and Administration for an advance on state funding to further shore up its ability to meet cash flow obligations.  Jim Purcell, the director of the Department of Higher Education wrote a letter to the state’s chief financial officer, Richard Weiss, recommending that UCA be allowed to obtain the advance.  According to Paul Louthian at DF&A, that advance was approved late yesterday afternoon.

“They asked for 3.6 million, we approved it for $3,550,000,” Louthian said.  “They are guaranteed, in the revenue forecast that’s generated for the state, a certain amount of dollars.  That’s given to them in 12 monthly allotments.  The language says that they cannot have more than 85 percent of that monthly guarantee and that worked out to be $3,550,000.”

The university has until the end of the budget year June 30 to square state accounts. It incurs no interest charges for the advance.


Favorite

Comments (4)

Showing 1-4 of 4

Add a comment

 
Subscribe to this thread:
Showing 1-4 of 4

Add a comment

More by Max Brantley

Readers also liked…

  • Little Rock school activists announce events for 60th anniversary of Central High crisis

    The group is not affiliated with the official "Reflections of Progress" commemoration of the 60th anniversary. However, at least two of the Little Rock Nine may be joining the group for an event at 2:30 p.m. at the state Capitol in the Old Supreme Court Chamber.
    • Sep 14, 2017
  • Trump tariffs hit farmers hard

    Well, the trade war has begun and the early returns for farmers are not good — sharp reductions in the prices for soybeans and corn. You may have heard that Arkansas, which overwhelmingly supported Donald Trump, has some agricultural interests, particularly in soybeans.
    • Jul 6, 2018
  • Arkansas legislature rejects bipartisan effort to study race relations

    On Friday, the Arkansas Legislative Council soundly rejected a bipartisan effort by two senators to to create a temporary legislative subcommittee to study race relations in the state.
    • Sep 15, 2017

Most Recent Comments

 

© 2019 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation