David Pollick quit as president of Birmingham-Southern College Wednesday as the institution's board released more information  about the causes of a large and unexpected deficit that has led to layoffs and other budget cuts. In his statement, Pollick said that "the essential healing and creative process will proceed more rapidly if I step aside as president at this time." The college first announced major difficulties in June, citing a pattern of incorrect calculations of financial aid  that resulted in larger awards to many students than were possible under the college's budget. A board statement issued Thursday, however, said that was only part of the problem. Beyond that, borrowing was increased -- without board knowledge -- to pay for some of the financial aid overpayments. All of this happened, the board noted, at a time that the college was already financially challenged to keep up with a facilities plan amid the economic downturn. "The trustees of Birmingham-Southern College accept fully the governance responsibility of the college and regret the fiscal distress that has necessitated unexpected and sudden operational reductions," the statement said.