Bennett College has until the end of today to raise a total of $5 million, or the historically black all girls institution will lose its accreditation due to insufficient funds. So far, according to their website, they’ve raised 76% of the money, as reports surface that Alpha Kappa Alpha Sorority, Inc. lent the school a helping a hand as well.
“Over the past two years, Bennett has made significant gains in addressing our financial stability,” Bennett states, explaining that the school generated a surplus of $461,038 and had no audit findings, was approved for a capital loan deferment over a six-year period with a financial benefit of nearly $9 million, and more. “Despite all of these accomplishments, SACSCOC felt that we fell short,” the school’s website goes on to explain. “We are appealing their decision and working hard to demonstrate that we are fiscally stable. This requires us to raise additional money to reduce our debt and improve our cash position.”
In Bennett’s time of need, Alpha Kappa Alpha pledged $100,000 to the institution. Wells Fargo Bank also donated $50,000, in addition to two donations from Z. Smith Reynolds Foundation and Papa Johns that amounted to $500,000, MadameNoire reports.
“On behalf of the Bennett College Board of Trustees, as well as our faculty, staff and students, I can’t thank President Glover and the members of AKA enough for their donation to Bennett College,” Bennett College President Phyllis Worthy Dawkins said, according to MadameNoire. “While we appreciate all of the support Bennett has received from individuals, foundations and corporations, substantial gifts like the one from AKA will go a long way toward helping us reach our fundraising goal of a minimum of $5 million by Feb. 1. We are truly appreciative to the women of AKA for their amazing support.”
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