Lender Presses Saint Augustine's to Oust Trustees

"Self-Help Ventures agreed to take on at least $7 million in debt owed to another company and consider providing up to $20 million in desperately needed financing for the cash-strapped university in the future, WRAL reported. But Self-Help wanted the historically Black university to remove Brian Boulware and James Perry, both former board chairmen who have been criticized for SAU's struggles as the private institution in North Carolina has teetered on the brink of closure since late 2023."

"Critics had been calling for Boulware and Perry to step down or be removed for more than a year, accusing them of failing in their fiduciary duties as SAU has struggled to remain open. At the same time, the university has been on an accreditation roller coaster. Since December 2023, SAU has been stripped of accreditation twice, only to regain it via the courts on both occasions."

Self-Help Ventures agreed to assume at least $7 million in debt and consider providing up to $20 million in future financing for Saint Augustine's University. The financing offer was conditioned on removal of trustees Brian Boulware and James Perry. Perry's term expired, and Boulware was removed from the university board roster. Board Chair Sophie Gibson signaled support for the deal in emails. Critics accused Boulware and Perry of fiduciary failures as the university teetered on closure. SAU lost accreditation twice since December 2023 and regained it via court rulings; it remains accredited after an August reprieve.

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