Expert accountant Howard Bunsis concluded, based on SFAI's records, that SFAI is not in financial exigency.  Bunsis is a Professor of Accounting at East Michigan University, earned a Ph.D. and MBA from the University of Chicago, and is an attorney and CPA.  Bunsis is the expert accountant for SFAI's faculty union.  In his report, Bunsis pointed out that:

• SFAI actually has had a $ 1 million dollar surplus for the fiscal year;
• SFAI has a steady revenue stream;
• SFAI's credit line debt was tremendously lower than the SFAI Administration had represented;
• The facts indicated that SFAI could borrow effectively if it needed to do so. 

Thus, Bunsis determined that SFAI financial condition was not in a "critical and urgent" state, and therefore, not in financial exigency. 

For a PDF copy of Bunsis's April 2009 memo report, click HERE.