St. Augustine's University in North Carolina will not rehire 70 adjunct faculty members for this academic year, The News and Observer reported.

Interim President Everett Ward announced Monday that the move is an effort to improve the financial stability of the historically black college. The institution will also furlough all employees for a week in December.

"We still have miles to go before we sleep," Ward is quoted as saying by The News and Observer. "St. Augustine's is strong, and her banner flies high."

Ward began making cuts soon after he took office in April. He has eliminated 4 percent of the university's workforce "and [moved] some from 12 months to 10 months of work], The News and Observer reported. In July employees were furloughed for a week.

Ward also said resources will go to the college's four areas of "academic focus." This includes mass communication and journalism; science, math and technology; criminal justice; and public health.

Ward warned that more budget cuts could be implemented depending on fall enrollment numbers.

"We've got to save money wherever we can," he said.

As a result of the cuts, a smaller array of courses will be offered. Full-time faculty will also take on a heavier teaching load due to fewer adjunct faculty. Ward said he may relieve full-time faculty of their teaching load by teaching a course in the spring semester.

Ward said the furloughs and adjunct faculty cuts will save St. Augustine's University $1 million.

 "Without any doubt I believe that, because of the steps we have taken," Ward said. "Are we out of the woods? I would not say that we are."

The university will also start hosting an annual fall fundraiser to improve their financial situation. The first will be held Sept. 20.