Birmingham-Southern publicly announces it is seeking $37.5 million in federal, state, county and city aid. In a public statement, the college says the funding would give it “breathing room” while it attempts to raise $200 million for its endowment fund.

The statement says Birmingham College’s financial problems began years ago, in part because of a building program that “drew heavily upon the endowment.” It also cites the errors in its federal financial aid accounting.

Ivey kicks the bill back to Alabama’s Legislature with a proposed amendment requiring applicants to submit financial restructuring plans documenting how they would repay the loan. Her amendment would also require loan recipients to pay interest.

“I have previously said that taxpayers' public funds should not be used to bail out a private college, and I remain concerned about the wisdom and propriety of this program,” Ivey writes in a memo to the Legislature.

Birmingham-Southern sues Alabama’s state treasurer for denying its loan application, with Coleman calling the move “sudden and unwarranted.”

"This followed months of discussions in which the treasurer gave no indication whatsoever that any aspect of BSC's application was wanting, or that he would not act as the Legislature intended when they wrote and passed the Loan Fund bill,” Coleman said.

In court documents, the college says it is likely to close without emergency relief.

Birmingham-Southern announces dismissal of its lawsuit against the state treasurer and says college officials are exploring options, including appealing to the Alabama Supreme Court.

“Our good faith was betrayed over the several months of working with Treasurer Boozer to deliver this bridge loan to the College,” Coleman says in a statement. “The timeline of our interactions clearly demonstrates that his behavior was arbitrary and capricious.”

Boozer issues a statement, arguing that Coleman was attempting to “deflect blame and attack” his character.

“I am disappointed with the incendiary rhetoric of President Coleman. He falsely claims that I acted arbitrarily or capriciously, or in bad faith, or misinterpreted the law in question. I did not. President Coleman is wrong,” Boozer says.

Boozer also calls the college a "terrible credit risk.”

In a public message, Coleman says college officials are confident they can complete the academic year even after the state loan fell through.

“We will continue to procure funds that will stabilize the College for the long term,” Coleman said. “That includes working with the Alabama Legislature, private donors, and other entities.”

A board of the North Alabama Conference of the United Methodist Church approves a one-year investment of $2.5 million to support Birmingham-Southern’s operations. The board notes that the investment is contingent on the City of Birmingham making a donation of equal or greater value.

“This investment in Birmingham-Southern will not only help the College at a critical time, but also will provide an excellent return on investment," the board says in a statement. "The Board believes investing in Birmingham-Southern College upholds its disciplinary charge to invest in ‘funds that make a positive contribution toward the realization of the goals outlined in the Social Principles of our Church.’”

Birmingham-Southern receives a warning over its finances from its accreditor, the Southern Association of Colleges and Schools Commission on Colleges.

SACSCOC says it issued the warning because Birmingham-Southern hasn’t complied with several of its standards, including requirements to have a stable financial base and a governing board that exercises fiduciary oversight of the institution.

Alabama lawmakers file a bill that would give Birmingham-Southern another shot at the $30 million loan program. Under the proposal, the state would put the head of the Alabama Commission on Higher Education in charge of overseeing the loan — replacing Boozer.

Alabama’s Senate passes the bill that would replace Boozer as loan administrator.

“Birmingham-Southern has fallen on some hard financial times, and this is a way to hopefully allow them to continue and I'll be honest, if this does not pass, they're probably closing their doors this spring,” said Waggoner, the bill’s sponsor, according to 1819 News.

Birmingham-Southern announces it will close May 31 following a unanimous trustee vote. The decision came after legislators indicated the revised loan program legislation did not have the support needed to pass Alabama’s House.