Friends,

I am writing to share some news about an action today by the Southern Association of Colleges and Schools Commission on Colleges involving Guilford College. Following two years of financial monitoring since our financial crisis in the spring of 2020, Guilford was continued in accreditation for Good Cause and placed on Probation by SACSCOC.

Probation means that Guilford maintains its accreditation and has 12 months to satisfy SACSCOC that it has come into compliance with accreditation standard 13.3, financial responsibility. An extension of up to 12 months is possible, if needed. The College will work with a committee assigned by SACSCOC to achieve compliance.

Action by SACSCOC – the accrediting body for degree-granting higher education institutions in 11 Southern states – was limited to Guilford’s compliance with accreditation standard 13.3. No concerns were expressed about the College’s compliance with other accreditation standards.

Guilford is fully committed to transparent, responsible financial management that ensures long-term stability for the College. This commitment is the top priority of our new strategic plan, Envisioning Guilford College 2027, and is closely tied to the commitment to offer an excellent education and experiences to our students and a supportive working environment for our employees.

Significant, unexpected expenses in response to a cyberattack in the fall of 2022 contributed to a budget deficit for Guilford that the College confirmed in a recent audit and reported to SACSCOC. The accrediting body acknowledged measures the College has already taken to enhance its financial management, including:

• Employing an auditing firm with a deep background in best practices of higher education accounting, giving greater clarity to the College’s current and future financial picture and enhancing decision-making.
• Implementing Workday, a new enterprise resource planning (ERP) platform, improving the management of finances and human resources and providing budget transparency campuswide. The new system will create greater operating efficiencies overall.

I am actively involved in improving budget transparency and widespread education on higher education finances, in collaboration with John Wilkinson, our Vice President for Administration and Finance and CFO, and the Finance team. We have a campuswide Budget Committee of faculty, staff, and students that develops and monitors the annual budget. And, of course, our Trustees have a constant, keen eye on finances.

We are working on not only improving our management but also increasing our financial resources. Meanwhile, everyone on campus can be cost-conscious, and all Guilfordians can support fundraising efforts to generate additional resources in conjunction with our Advancement colleagues.

I have great faith in our community and its strong commitment to Guilford. It is one of the qualities that drew me to the College in the first place. I ask that we remain steadfast in supporting Guilford’s critical mission and the educational pursuits of our students.

Warmly,

Kyle Farmbry, J.D., Ph.D.
President