George Tells Legislature UVI Has 20-24 Days of Cash, Owes $5 Million to 484 Vendors

Appearing before the Legislature on Monday, University of the Virgin Islands President Dr. Safiya George disclosed that UVI owes more than $5 million to 484 vendors, has only 20 to 24 days of cash on hand and is seeking changes to the government’s allotment schedule as it works through delayed audits and other financial deficiencies. George also asked the Senate Committee on Budget, Appropriations and Finance to support an additional $9,606,324 beyond the $34,977,962 approved by the governor for UVI. Chief Financial Officer Guadalupe Valencia told lawmakers that the university owes vendors a combined $5,048,854. Of that amount, $2.1 million has been outstanding for more than 90 days. UVI’s cash on hand is “down to 20-24 days,” Valencia said, leaving the institution “dependent on our allotments for our operating revenues and expenses.” George said delays in receiving government funding have contributed to the university’s cash-flow problems and affected financial measures reviewed b...