Talladega College has made strides in restoring its financial stability after overcoming multiple economic hurdles in the last 10 months at the longstanding HBCU, according to university leaders.
The recent news comes after Talladega College underwent a self-imposed legal audit to rectify its financial struggles, which included the university missing payroll, a decline in enrollment, and the private four-year institution tackling its deferred payments to vendors.
“We just saw a period where we sort of got off track from the thing that we have done historically,” said Talladega College interim president Walter M. Kimbrough during the school’s recent “State of the College” news conference last week. “The DNA is still there to me. We just got to get back and start being true to the DNA of Talladega College, and if we do that, we’ll be in a good situation.”
Bold Decision
In 2024, Talladega College’s operating budget was only $34 million. In September, Sara Weissman of Inside Higher Ed reported that enrollment decreased by 24% in recent years, the college faced a “significant” amount of debt, and issues with the school’s payroll delayed students’ receipt of financial aid refund checks.
Kimbrough and board chairwoman Rica-Lewis Payton made some “bold” decisions to improve the university’s financial trajectory. In February, the college announced that it was cutting its acrobatics, men’s volleyball, tumbling, men’s and women’s golf, and indoor track programs.
As a result, those cuts have allowed the school to save between $300,000 and $400,000 a month, according to WBRC-TV in Birmingham, Alabama. Kimbrough also stated that the college received a $15 million Hope Credit Union loan to strengthen its financial position and steer a more improved revenue model in the future.
“We have to trust but verify that accountability piece,” Lewis-Payton said, per WBRC-TV. “So, it’s not enough to just tell me; I need to see it. And we’re now putting into place those internal controls and accountability systems and processes.”
As the 157-year-old HBCU continues to progress financially, Kimbrough does not plan to raise tuition rates for students. However, if the rates increase in the future, he said the costs would remain cost-effective for students to earn an excellent education.
