MAYVILLE (AP) — Mayville State University has erased a $1 million deficit, the school’s president said.
The university has been chipping away at the debt for the past four years, and now has nearly $800,000 in reserves, President Gary Hagen said during his state of the university address Wednesday.
The debt was largely created by unanticipated fuel costs and a drop in full-time students. The campus foundation also was struggling and much of the deficit was in athletic programs.
In 2006, a committee appointed by the North Dakota University System chancellor analyzed the school’s deficit and outlined a plan to eliminate it. The deadline was this summer.
The school used various means to erase the debt, including reducing tuition waivers, cutting staffing and eliminating its men’s and women’s soccer programs.
Hagen said the campus can now focus on the future.