The University of Arizona has just 97 days’ worth of cash on hand—significantly less than previously forecast, a recent Board of Regents meeting revealed. The news has prompted significant scrutiny and raised the specter of deep institutional cuts to restore stability to the university’s reserves.

Since the revelation at the Nov. 2 regents’ meeting, the faculty has criticized senior administrators for mismanagement, accusing them of losing track of more than $240 million through accounting errors and flawed financial projections.

Now UA officials have until Dec. 15 to submit a plan to the regents to restore cash-on-hand levels to the 120 days’ worth the board requires. Details of the plan remain unclear, and the process is fraught with faculty concerns over mismanagement and a lack of transparency. The crisis has also caught the attention of state officials, who have stressed a need for accountability.