RALEIGH, N.C. — Saint Augustine’s University is back from the brink, at least for now. 

The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) reinstated the university's accreditation, the school announced Monday. 

“The unanimous reversal by the arbitration committee rightfully corrects the injustice inflicted upon SAU by SACSCOC’s initial ruling and underscores the university’s steadfast commitment to excellence and growth," said Brian Boulware, Chairman of the SAU Board of Trustees.

The university in Raleigh lost its accreditation in December. The HBCU faced another setback with an unsuccessful appeal in February.

The accrediting organization will keep the university on probation for the time being.

The university sees this ruling as a chance to address non-compliance issues regarding finances and oversight.

Earlier this year, the IRS filed a $7.9 million tax lien against the university according to a lawsuit. The university also had troubles paying vendors for contract work, and salaries to their staff.

To pay down the debt, the university planned on selling prime real estate in downtown Raleigh, as well as fundraising from alumni and boosters, but it’s not clear what the plan is with the property now.

An audit blamed the school’s governing board of trustees for mishandling millions in university funds, causing some students to lose their student loan backings.