The Southern University Board of Supervisors decided Friday to postpone until next week a decision on declaring a financial emergency on the main Baton Rouge campus.

The delay will give the faculty until a special board meeting Wednesday to decide whether to voluntarily accept two years of furloughs of up to 10 percent of their pay in order to avoid an emergency and shorter job termination notices.

Southern Chancellor James Llorens said at least 90 percent of the faculty must agree or an emergency, called exigency, will still be required.

Southern is facing a $10 million budget shortfall because of budget cuts, enrollment losses and internal failings financially.

Southern University System President Ronald Mason Jr. said earlier that Southern has been spending money it doesn’t have on things it doesn’t need.

Exigency is considered a serious blemish that could scare away current and potential employees and students. No public Louisiana university has declared exigency since the University of New Orleans did after Hurricane Katrina.