From CBSSports.com wire reports

SHREVEPORT, La. — The Board of Trustees for Centenary College has voted to move the college’s athletic program from Division I to Division III.

Tuesday’s vote to leave the Summit League comes as the school works to stabilize its finances.

Ed Crawford, the board’s acting chairman, says the move is a small part of a larger plan to achieve financial and academic stability.

Centenary will continue to participate in Division I for the next two years in the Summit League while it pursues a new conference affiliation in Division III.

The prospect of Division III membership has been hovering at Centenary for several years, but the economic downturn sped it up. The school’s endowment is down 20 percent and it is seeking $1.5 million in budget cuts.