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BURLINGTON, Vt. (AP) — A recent audit of Burlington College shows the school is $17 million behind on meeting its operating expenses and has other financial troubles that raise questions about its viability.
The school is using endowment money to pay bills and has about $150,000 left. The college has expanded its credit line and taken out bridge loans.
The school has nearly $15 million in assets, but much of it is the former Burlington Diocese property it bought four years ago. WCAX-TV reports (http://bit.ly/1yh27xO ) that the school's creditor says the college is in default on that $10 million.
The school sold three properties for about $800,000, which will be used to pay down loans.
College President Christine Plunkett told accountants she has put together a team of experts to work through the challenges.
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Information from: WCAX-TV, http://www.wcax.com
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