Leaders of the African Methodist Episcopal Church forgave $4 million in debt owed by a college it founded in Atlanta.
The financial boost for Morris Brown College was announced Tuesday night, news outlets reported. In exchange, the college agreed to establish a $1.5 million scholarship for AME church members.
Morris Brown College lost its accreditation in 2002. Interim president Kevin James launched an effort last year to become accredited again. An official told the Atlanta Journal-Constitution that the debt forgiveness will help.
“The removal of the long-term debt improves our position … which is a critical part of the accreditation process,” said Shermanetta Carter, chief financial officer for Morris Brown College.
The Georgia Conference of the African Methodist Episcopal Church founded Morris Brown College in 1881, the newspaper reported. The college currently has about 40 students enrolled, according to news outlets.
