University Is $130 Million Ahead of Where it Stood Six Months Ago
The state has come through with some last-minute funds for the University of Illinois as the fiscal year draws to a close.
That includes a payment of about $30 million reported Tuesday by Chief Financial Officer Walter Knorr. U of I Interim President Stanley Ikenberry says that brings the state's backlog of payments to about $295-million, when it was more than $430 million back on December 31st. Ikenberry says while Illinois still needs to address its financial crisis as soon as possible - the U of I is getting more orderly state payments, and that's a surprise. But he says university staff has done everything it can to receive those funds.
"Our finance people have been unrelenting in their telephone calls to the comptroller's office to seek the payment of the bills," said Ikenberry. "..and to remind them that we're out here living from hand to mouth, and that we need the payment of those receivables." Ikenberry will step down from the role of interim president this week, turning over the office to new President Michael Hogan. The 75-year old has served as interim president since January, and was U of I President from 1979 to 1995.