Lon Morris College in Deep Financial Trouble
Lon Morris College in Jacksonville is in serious trouble. It may be forced to close if it can't solve its financial problems. That's why the private two-year college is looking to hire a firm that specializes in reorganization to help it keep the doors open.
Lon Morris administrators say the school's long term outlook is grim, but the school has assets it can sell to get some financial balance. They just need help in working with the school's creditors to make that happen.
Lon Morris has about 150 employees whose paychecks have been delayed at least four times in the past year. In December, administrators and several faculty and staff deferred getting paid so lower ranking employees could be paid.
The school gets no tax money like public colleges, so it has to rely on tuition and private donations. Lon Morris is affiliated with the United Methodist Church, but it gets no financial support from the denomination.
Lon Morris College is widely known for its Theatre Arts Department, which boasts many successful alumni, including actress Sandy Dennis, singer K.T. Oslin, Broadway star Tommy Tune, and Golden Globe winning songwriter and actress Amanda McBroom, just to name a few.