Heeding warnings from an accrediting team about its shaky finances, Vanguard University of Southern California has faced major transitions in the last two weeks to prepare to meet with the accreditor February 19. Under the direction of acting president Carol Taylor - who stepped in last week after the school's interim president and board chairman quit - Vanguard will aim to show the accreditor that it's implemented a plan to pull itself out of $42 million in debt.

Last September, the Western Association of Schools and Colleges (WASC) visited the school, owned by the Southern California district of the Assemblies of God, and concluded that it was in "profound crisis." The accrediting team said Vanguard had tolerated incompetent financial reporting for years, which had masked its deep debt.

According to The Orange County Register, which has covered this story extensively, the WASC report charged, "the past two presidents and key (board members) engaged in practices which the WASC team find to ...

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