"I don't know what motivated SACS to remove Sherman from membership following its great financial achievement of 1993," Dr. Gelardi said in the letter, but added: "I know we must deal with the present situation as fast as possible."
Dr. Gelardi has stated that Sherman's attorneys "... are preparing to seek an injunction against SACS to keep it from removing accreditation while we bring Sherman's case before the court."
A May 12th article in the Spartanburg Hearld announced that SACS's Commission on Higher Education will give Sherman until June 17, 1994 (end of the school year) to regain its accreditation. Until then, the school is on probationary status.
In his letter to the alumni, Dr. Gelardi notes Sherman's seven years (1984-89) of financial stability, and the three years (1991-93) in the red, totalling nearly a million dollars. However he pointed to revenues exceeding expenses by $200,000 at Sherman in 1993.
Dr. Gelardi told the Spartanburg Hearld that the SACS dropped Sherman's accreditation at the end of 1993 based on 1992 financial figures. He stated that Sherman's finances for 1993 were not available at the time of the audit. He further stated that Sherman has met all SACS criteria for accreditation except the financial component.
Dr. Gelardi's tone in the alumni letter was optimistic in regard to the upcoming fight in the courts. He gave the alumni a pep talk, and waxed philosophically: "Once again, when Sherman thought it was about to break out and go for the gold, trouble visits us. I know we can win this one if we focus on the vision." But he also detailed the worse case scenario: Sherman losing its license to grant the DC degree.
Ivan Guinn of the Commission on Higher Education noted that "... accreditation is technically not a requirement for having a South Carolina license." However without it, Sherman could not get insurance coverage, and students would no longer be eligible for Title IV federal aid. The reality is that without accreditation, the school cannot survive.
To add to Sherman's woes, is the immediate concern of the SACS appeal, conservatively estimated by Dr. Gelardi as costing $100,000. Dr. Gelardi's has called upon the alumni: "Please remember Sherman's great need when planning your giving." It's a plaintive call, and certainly a sad and difficult time for Sherman. As Dr. Gelardi so aptly puts it: "It is more than buildings, jobs and degrees."
If Sherman doesn't win its appeal for SACS accreditation, the school's hopes hang on gaining CCE accreditation or being bought out by another chiropractic college.
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