Birmingham-Southern's President Resigns While Trustees Explain College's Financial Meltdown

G. David Pollick resigned Wednesday as president of Birmingham-Southern College, which is reeling from fiscal mismanagement that led to deficits and risky debt. Mr. Pollick's resignation came during a meeting of the college's governing board, which also offered an explanation of how the institution dug its financial hole and how it plans to recover.

This fiscal year the Alabama college had a projected deficit of $13-million, with a total operating budget of about