According to the school's official history, it operates under a strict no-debt policy: "Here is an institution of higher learning that was begun with no funding of any kind, and a no-debt policy from its inception. ...the College would use absolutely no debt for any reason."
However, it appears that in order to purchase its current campus, the school signed a $489,719 trust deed (securing a loan, aka debt) with the State Bank of Southern Utah. The document, dated November 2004, is available at the Iron County, Utah recorder's website. In addition, the note was co-signed by a local tree farm, which appears to have quit-claimed its interest in April 2007.
In May 2007, the school appears to have taken out a new loan against the facility in the amount of $125,000, again with the State Bank of Southern Utah.