(Danville) — Averett University is turning to a familiar face to help them out of an unexpected fiscal crunch.
The school announced Wednesday that Donald Merricks has been named interim Chief Financial Officer. Merricks is a retired bank president, a business owner and a former member of the Virginia House of Delegates. He also holds two degrees from Averett.
“We’re blessed beyond measure to have Don Merricks joining us in this critical role at this time in Averett’s history,” said Averett President Dr. Tiffany Franks. “He is highly respected and trusted throughout not only our region, but also the Commonwealth, and has a deep understanding of this community.”
Back in March, school officials uncovered a funding deficit traced to a former employee. While there was no evidence of embezzlement or theft, the school immediately implemented cutbacks.
“I am a proud Averett alumnus receiving both my bachelor’s degree and MBA from our hometown institution, and its success is directly related to the success of our community,” said Merricks. “It is a difficult time for many colleges and universities and Averett is no exception. There is a lot of work to do for all of us, but I am committed to helping the University navigate this time of transition.”
Many faculty and staff worked four-day weeks this summer and took a pay cut as the school tried to cut $6 million in costs for the current academic year to balance the books.