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    Fr. Joseph Jenkins

  • The blog header depicts an important and yet mis-understood New Testament scene, Jesus flogging the money-changers out of the temple. I selected it because the faith that gives us consolation can also make us very uncomfortable. Both Divine Mercy and Divine Justice meet in Jesus. Priests are ministers of reconciliation, but never at the cost of truth. In or out of season, we must be courageous in preaching and living out the Gospel of Life. The title of my blog is a play on words, not Flogger Priest but Blogger Priest.

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Catholic Schools in Financial Difficulty

The US Dept. of Education’s “Financial Responsibility Test” was recently announced. This test indicates that according to certain ratios, a private higher education institution may be at risk for failure. These schools are subject to extra monitoring on their use of federal student aid funds.

114 private, nonprofit, degree-granting institutions scored below 1.5, the passing level, and are thus in financial jeapardy. There are a number of Catholic institutions on the list as having financial difficulties:

Please note that Dominican College of Blauvelt (New York) which also scored a low 0.9 is no longer a Catholic institution. The college is very clear that it is an independent school with only a Catholic “heritage” or “origin”. I suppose schools like people can forfeit their souls.

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All private colleges that award federal student aid must participate in the Department of Education’s financial-responsibility test, which is based on information from their audited financial statements. The department develops a composite score on a scale of 3.0 to minus 1.0, based on financial ratios that measure factors such as net worth, operating losses, and the relationship of assets to liabilities. Institutions with scores of 1.5 to 3 pass. In addition to extra monitoring for all institutions that “fail,” those with scores below 1.0 are required to post a letter of credit with the department equal to 10 percent of the federal student aid that goes to their students annually.

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