In its 2007 petition seeking court permission to sell a half-share of its Stieglitz Collection to Alice Walton's Crystal Bridges Museum, Fisk University gave the following (now outdated) justification for the proposed transaction:
If Fisk's current financial condition doesn't improve, there is a high likelihood that it may lose its accreditation. Fisk is accredited by the Southern Association of Colleges and Schools (SACS), which will review the University's accreditation status in 2009. In its current condition, Fisk will fail to satisfy the criteria established by SACS to establish financial viability.The petition goes on to enumerate all the dire misfortunes that would hobble or destroy Fisk if accreditation were lost, including the likelihood of being "forced to declare bankruptcy, and/or dramatically scale back or cease operations." The university asserted that it needed to accept Walton's $30-million offer to convince SACS of its financial viability.
That was 2007. Now, this just in from Fisk: