ARKADELPHIA, Ark.-The president of Henderson State University has resigned as the school in Arkadelphia faces a budget deficit.
The Arkansas Democrat-Gazette reports that HSU President Glen Jones resigned Friday and the school's Board of Trustees named university attorney Elaine Kneebone as acting president.
The university has projected a $4 million or more deficit. Jones has said students owe about $4.5 million in various bills.
Jones will take a one-year sabbatical during which he will receive his annual $230,500 salary, then return to HSU as a business professor.
Trustees issued a statement praising Jones for attracting more students, increasing fundraising and improving student life.
HSU also announced it will pay the Arkansas State University System more than $52,000 to conduct an audit and help with cash-flow management.