CHEYNEY, Pa. (CBS) – Good news for Cheyney University – the school will keep its accreditation, ending speculation about a possible closure. The country’s oldest historically black college and university struggled financially in recent years.

But the school announced a fiscal surplus in August for the first time in eight years.

“We are pleased to learn that the Middle States Commission on Higher Education has determined that Cheyney University has once again met the rigorous requirements to merit accreditation,” said Cheyney University President Aaron A. Walton. “We are in the midst of a major transformation. Corporate partnerships, intensive alumni engagement, ambitious and successful fundraising targets, and strong enrollment growth have allowed us to overcome difficult challenges over the last several years.”

The university has also seen an  increase in enrollment.

CBS Staff,CBS Philly