Transnational Association of Christian Colleges and Schools takes adverse action against Virginia University of Lynchburg

FOREST, Virginia  --  Virginia University Lynchburg was placed on Probation at the October 28-29, 2013, TRACS Accreditation Commission Meeting.

The Accreditation Commission voted on October 29, 2013, to place VUL on Probation for failure to adequately maintain the financial stability of the institution and non-compliance with TRACS Standards 17.1, 17.3, 17. 4, 17.5, and 17.7.  VUL will have one year to come into compliance with these Standards, with a first Progress Report due February 15, 2014, and a second Progress Report due August 15, 2014.

In addition, in their action, the Accreditation Commission identified the following two conditions, which will allow TRACS to monitor the financial stability of VUL:
• That monthly financial statements, beginning with October 2013, be submitted to the TRACS office, no later than 20 days after the month’s end
• That VUL submit to the TRACS office an internal trial balance as of June 30, 2014, submitted no later than August 1, 2014, and its annual audit for the year ending June 30, 2014, by September 1, 2014. VUL must document compliance with the above noted Standards on or before the date of the second report and provide the documentation required by the Commission action, to be made available to the Accreditation Commission at the October 22-24, 2014, Commission meeting. At that time, the Commission could remove VUL from Probation, continue the Probation for another year, or require VUL to Show Cause as to why its Accredited Status should not be removed.

This Accreditation Commission action underscores the fact that financial stability is at the core of TRACS’ responsibility as a gatekeeper for Federal Title IV Funds, and the importance of VUL moving aggressively to fully address the concerns which necessitated that the Accreditation Commission take such action.

COURTESY TRACS.ORG