MEMPHIS, Tenn. -- Accreditation issues are once again casting a cloud over the future of Christian Brothers University.

Just days ago, an accreditation board voted to keep the university on continued probation for another 12 months under close scrutiny. The university was first placed on probation at this time last year.

CBU has said financial aid and credits for students will not be affected.

The Southern Association of Colleges and Schools board says probation is the most serious public sanction it can impose, short of stripping a school of its accreditation status.

The board says it kept Christian Brothers on probation because the university failed to meet its "financial responsibility" standard.

But there are signs of progress.

The board acknowledges that Christian Brothers has made significant progress in addressing its shortcomings and is likely to resolve these issues over the next year.

We spoke to the university's leadership earlier this year, who said they were expecting this probation. Among the reasons were lack of students in housing and declined enrollment.

"We serve a population that has a great deal of financial need and because of that we do operate on a very thin margin, so we did expect we were going to be placed on probation in December and that was part of the reason we started to make those hard decisions in the fall," said Dr. Lydia Rosencrants, vice president of academics.

Last October, WREG reported the cuts were made due to a $7 million defict.