Greensboro College has received a formal warning from its accrediting agency.

The Southern Association of Colleges and Schools put the troubled institution on notice this week, issuing its least severe reprimand.

The notice relates to the university's financial struggles, brought on by a drop in enrollment, a decrease in the value of its investments, and a reluctance by supporters to donate money.

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Greensboro College is in so much debt that it has put its campus and much of its endowment up as collateral.

According to the Greensboro News & Record, the campus has $19 million debt.

Its president recently retired and local land records show the college renegotiated a $16 million loan in December with Bank of America by collateralizing parts of the campus including the president's residence.

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The longtime president of Greensboro College resigned abruptly this week.

Craven Williams, credited with reviving a struggling institution in the early 1990s, quit Tuesday, according to campus officials.

Of late, the college has struggled with a mountain of debt. In April, Williams instituted a desperate, 20 percent pay cut to faculty and staff salaries.

His resignation came as faculty prepared to take a no-confidence vote.

The Greensboro News & Record has more here.