Averett University has filed a lawsuit against the school’s former Chief Financial Officer and an investment firm. In the suit, Averett says that former CFO, Donald Aungst, and Global Strategic Investment Solutions conspired to conceal budget deficits.

Averett University reported in Spring 2024 that financial mismanagement led to a budget shortfall. The school has been making cuts ever since in an effort to improve its financial standing.

In the suit Averett says almost $20 million was mismanaged. The school recently listed its equestrian center for sale for $1.6 million.

That move came after Averett announced staffing cuts in March that included 15 jobs being cut, as well as dropping six academic programs in late 2024, and over half of the schools staff getting pay cuts.

It is unclear how much money Averett is hoping to get back from the defendants in the suit.