Atlanta's Morris Brown College, one of the oldest historically black colleges in the country, has been hanging on by a thread for the past decade. Unfortunately, things have taken a grim turn of late. Morris Brown is facing foreclosure next month after investors elected to claim $13 million in bonds that are linked to the school. On Sep. 4, assets will be auctioned off, including the school's administration building.
The bonds were granted by the Fulton County Development Authority in 1996, back when Atlanta had money to blow as the Summer Olympics approached. Morris Brown offered property as security for the bonds, and the administration building was lumped in with that. Looking back, they're certainly regretting that decision, but hindsight is always 20/20.
Morris Brown has been swimming in debt and doesn't receive federal funds because it lost its accreditation back in 2003 following years of financial mismanagement and fraud. This has left the school unable to pay back its loans. A prayer vigil has been planned for today where a plan of action will be discussed. It's horrible to think that a school that once had over 3,000 students is now down to 50 and on the verge of vanishing.