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MIAMI (CBSMiami/AP) – Drastic changes are underway at Florida’s Bethune-Cookman University due to crippling debts and a looming deadline to shore up finances.

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Interim President Hubert Grimes outlined plans for salary cuts, employee layoffs, and unpaid furloughs in a letter to employees on Tuesday.

The Daytona Beach News-Journal reports the letter didn’t specify the number of layoffs or the extent of salary cuts. The letter said furloughs would take place over spring break, although employees have the option of using a paid vacation.

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In the letter, Grimes said the moves come despite adjustments already made to the university’s organizational makeup over the past few months.

The university is suing its ex-president and other officials, alleging fraud in brokering a student housing project that leaves the school on the hook for $300 million.

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