news-record.com

GREENSBORO — Greensboro College is among 180 private schools that failed the federal government’s assessment of financial stability.

The college scored a 1.2 on a scale of minus 1 to 3, according to data the U.S. Department of Education released recently. Guilford College, which scored a 1.4 last year, rebounded this year with a score of 2.5. The scores are based on the colleges’ standing in the 2009-10 fiscal year.

The U.S. Department of Education assesses private colleges’ financial health using three ratios related to debt and assets. Scores determine whether and how the colleges are able to participate in federal financial aid programs.

Greensboro College scored a 3 in 2006-07 and a 1.5 in 2007-08. Its score was reported as nonapplicable last year, but President Lawrence Czarda, who started as president in April 2010, said Tuesday the college received a 0.7. Schools that score below 1 must get a third-party guarantee for the federal student aid they receive.

Just two years ago, Greensboro College was mired in debt, which resulted in layoffs and faculty salary cuts.

When asked Tuesday whether the college was in danger of closing, Czarda said, "Oh, not at all. Not in any way, shape or form."

The college was still in the midst of its financial issues when data for this assessment was being taken, Czarda said. A drop in the value of the college’s endowment at that time affected its score, as did the decline in the value of some property Greensboro College owns — namely The Inn student housing complex on West Market Street. Although the latter does not influence the college’s operations, it does show up as a loss on its books, Czarda said.

Czarda said Greensboro College is rebounding financially despite the score. Enrollment and fundraising numbers are on the rise, he said.

"Those are really the two main revenue streams for any college like us," Czarda said.

Total enrollment is up 10 percent from last fall, and the number of students living on campus is up nine percent. Undergraduate retention is up five percentage points, according to information from the college.