Two trustees appear to be out at Saint Augustine’s University after a lender offered the cash-strapped institution a financial lifeline contingent on the removal of certain board members.

Self-Help Ventures agreed to take on at least $7 million in debt owed to another company and consider providing up to $20 million in desperately needed financing for the cash-strapped university in the future, WRAL reported. But Self-Help wanted the historically Black university to remove Brian Boulware and James Perry, both former board chairmen who have been criticized for SAU’s struggles as the private institution in North Carolina has teetered on the brink of closure since late 2023.

Perry told WRAL that his term had expired. Boulware has been removed from the board roster on the SAU website but told the TV station that he had not been informed of any changes. Current board leadership, however, appeared to sign off on the terms of the deal, according to emails obtained by WRAL in which Chair Sophie Gibson signaled support.

“History will record what this board did—or failed to do—at this moment,” she wrote.

Critics had been calling for Boulware and Perry to step down or be removed for more than a year, accusing them of failing in their fiduciary duties as SAU has struggled to remain open. At the same time, the university has been on an accreditation roller coaster. Since December 2023, SAU has been stripped of accreditation twice, only to regain it via the courts on both occasions.

SAU currently remains accredited after a legal reprieve in August.

Despite its financial challenges, the university has expressed interest in the Trump administration’s proposed “Compact for Academic Excellence in Higher Education.” The proposed compact would give signatories an advantage in attracting federal research funding but come with sweeping restrictions on academic freedom and institutional autonomy.

SAU officials did not respond to a request for comment from Inside Higher Ed.