Report Says Little Rock College Misused $475,000 in Federal Funds

Arkansas Baptist College misspent hundreds of thousands of dollars in federal money and "is in a serious financial crisis," according to an internal report obtained by the Arkansas Democrat-Gazette.  The private, historically black Little Rock college compounded its cash-flow problems by leaving money on the table year after year, says the scathing "operational assessment" by the Wesley Peachtree Group, a Georgia accounting firm that specializes in higher education and historically black colleges.