Deep Financial Problems for Memphis Art College

The Memphis College of Art, a private, nonprofit institution, is experiencing severe financial problems, The Commercial Appeal reported. The college's board has declared financial exigency, laid off four faculty members and announced plans to sell much of its art collection. Officials believe that the cuts have turned things around, and say that the budget is now balanced. But the budget for 2012-13 is down 28 percent from the budget for 2011-12.