Borrowing to Pay Salaries
You are the vice president for finance and administration at Chase River Community College. It is February and the fiscal year ends on June 30. The state has not sent the last three million dollars of your annual appropriation. The state treasurer claims that sales tax income is well below expectations and natural disasters have produced unexpected costs. Property tax income is also lower than expected. Your college has a small endowment of less than six million dollars. There is enough money to pay salaries through the end of April. Should you consider borrowing funds to pay expenditures? What other options will you explore to fund payroll requirements?
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