Auburn University has been placed on probation.
It comes after a two-year investigation into alleged micromanagement by the Board of Trustees.
The Southern Association of Colleges and Schools, or SACS, handed down the sanction Tuesday at its annual convention in Nashville, Tennessee.
Probation is one step short of SACS' most serious punishment, revoking a college's accreditation. A loss of accreditation would have meant the loss of hundreds of millions of dollars in federal aid for Auburn and its students.
The SACS report noted five problems, most of them related to its Board of Trustees. The agency does not make specific details of its report public, it only lists the requirements a school has fallen short of.
The problems listed by the report include:
Auburn released a short statement saying only that it is "disappointed and surprised" by the punishment.
The university emphasized that it remains fully accredited, and that students' financial aid is intact.