NJCU seeks $10 million in state aid to deal with ‘financial emergency’; president announces resignation

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After a decade of hundreds of millions of dollars in expansion in almost every direction, New Jersey City University is facing a “financial emergency” school officials say can only be solved with more state funding. At a board of trustees meeting on Monday, the Jersey City school announced it has less than 30 days of cash on hand. Later board Chairman Joseph Scott said state Sen. Brian Stack, D-Union City, will introduce a resolution for an additional $10 million in aid. NJCU Chief Financial Officer Benjamin Durant said the school should have at least 90 days of cash on hand. The appropriation…

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