Long Beach : CSULB Repaying Loan
California State University, Long Beach, has repaid all but $100,000 of the money it borrowed from the chancellor’s office last year to cover an unexpected $900,000 shortfall.
Payment of the remainder, according to a letter from university President Stephen Horn, has been postponed for a year to fund the maintenance of a computer system utilized by the School of Engineering.
“I thank you each for your understanding and cooperation during this past academic year,” Horn said in his letter, distributed last week to members of the faculty and staff.
The loan became necessary last June when discovery of the shortfall prompted a reorganization of university finances. The original agreement with the chancellor’s office called for repayment of the $898,561 loan over three years. The university was able to pay the bulk of it early, Horn’s letter said, “as a result of the stringent financial controls of the past year.”
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