What's next for Birmingham-Southern College

AND I THINK WE HAVE THE RIGHT PEOPLE IN PLACE RIGHT NOW TO DO SOME REALLY INCREDIBLE THINGS AT BSE AND TO MAKE SURE THAT, YOU KNOW, WE HAVE THAT THAT FINANCIAL LONGEVITY THAT WE REALLY NEED. BIRMINGHAM’S SOUTHERN STUDENTS OVERJOYED. THE SCHOOL IS STAYING OPEN. THE DECISION COMING DOWN JUST ABOUT 24 HOURS AGO. YEAH. SO THEY RAISED WELL OVER THE 30 PLUS MILLION THAT THEY WERE ASKING FOR. BUT STILL, QUESTIONS REMAIN. WHAT IS NEXT FOR BIRMINGHAM’S OTHER ATM? 13. JARVIS ROBINSON ON TOP OF THE STORY SINCE THE NEWS BROKE YESTERDAY AFTERNOON. WHERE IS THE SCHOOL GO FROM HERE? JARVIS? WELL, GUY RIGHT NOW THE GREATER FOCUS IS ON THE PUBLIC BRIDGE FUNDING. THAT MONEY WOULD BE COMING FROM THE STATE. NOW, THE THING THAT PEOPLE NEED TO UNDERSTAND AND REALIZE THAT THIS WOULD NOT BE A GIFT, IT WOULD BE A LOAN. SO THERE WOULD BE STIPULATIONS ON HOW BIRMINGHAM SOUTHERN WOULD ACTUALLY GET THAT MONEY ACCOUNTABLE. THIS FIRST TRANSPARENT CITY IS FIRST BIRMINGHAM, SOUTHERN COLLEGE IS NOT COMPLETELY OUT OF THE HOLE WITH ITS FINANCES, BUT NEARLY $46 MILLION IN PRIVATE PLEDGES AND BRIDGE FUNDING FROM THE STATE IS PUSHING THE SCHOOL IN THE RIGHT DIRECTION. RIGHT NOW, WE DON’T KNOW EXACTLY WHAT THAT DEGREE OF FUNDING WILL BE, BUT IT IS A START. REPRESENTATIVE WONDERLAND, GIVEN SAYS STATE LEGISLATORS ARE WORKING ON A PLAN THAT WOULD ALLOW SCHOOLS TO BORROW MONEY FROM THE EDUCATION TRUST FUND. I ASKED IF THERE WOULD BE A CERTAIN AMOUNT LOANED. WE DO KNOW WHAT IN OUR MINDS WE’RE CRAFTING, AN AMOUNT THAT WE KNOW WILL BE ALLOWABLE FOR BIRMINGHAM SOUTHERN. THE LOAN ITSELF WOULD BE A ONE TIME OPTION. WE DON’T WANT ANYBODY TO LEAVE THINKING THAT IF THEY GET IN TROUBLE NOW, THE STATE IS GOING TO BAIL YOU OUT BECAUSE THERE’S NOT GOING TO BE THE CASE. GIVEN SAYS THERE WOULD BE SOME OVERSIGHT TO MAKE SURE THE MONEY IS BEING USED PROPERLY AND THAT SCHOOLS ARE ALSO GENERATING REVENUE. YOU’RE GOING TO HAVE TO SHOW A FINANCIAL PLAN B, YOU KNOW, YOU’RE NOT COMING BACK TO THE WAY LEGISLATORS HAVE NOT FIGURED OUT JUST HOW MUCH THE LOANS WOULD BE. THE AMOUNT WOULD BE HELPFUL, BUT NOT NECESSARILY WHAT ANY INSTITUTION REQUESTS. SOME WANT TO DO 20. SOME WANT TO DO 25. BUT NOBODY WANTS TO DO OVER 25. BUT IF THE SCHOOL IS NOT ABLE TO SECURE ALL THE FUNDING NEEDED GIVEN ITS MESSAGE TO B.C., IT’S SIMPLE. THEY NEED TO BE LOOKING AT SOME KIND OF WAY TO BECOME A STATE SCHOOL OR A STATE CHARTER. SO WE DO KNOW THAT BIRMINGHAM SOUTHERN WILL BE OPEN FOR AT LEAST THE FALL 2023 SEMESTER. THEY DO HAVE A FUNDRAISING GOAL TO GET THEIR ENDOWMENT TO $200 MILLION BY MAY OF 2026, AND THEY’RE HOPING THAT THIS BRIDGE FUNDING WOULD HELP ALONG WITH THAT MEASURE. AS FAR AS THE STATE LEGISLATORS GO, THEY WOULD STILL NEED TO VOTE AND PASSED THIS INTO LAW BEFORE THE STATE GET IT, BEFORE THE SCHOOL COULD ACTUALLY BORROW THE MONEY. REPORTING LIVE HERE IN BIRMINGHAM, I’M JERVIS ROBERTSO