As expected, the board of the Oxford American has unanimously accepted a $140,000 infusion of cash from the University of Central Arkansas — essentially a bailout in the wake of an employee embezzlement that might top $100,000. The University has already put over $500,000 into the OA since it came to campus in 2004.

There were a number of strings attached in exchange for the money. Among these: Warwick Sabin, V.P. for Communications at UCA and a member of the OA board, will take charge as publisher (Sabin will be unpaid int he position). The current publisher, Ray Wittenberg, will see his yearly salary cut in half — from $50,000 to $25,000 — and will take the titles of ad sales manager and development director.

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UPDATE: Warwick came through with copies of UCA’s offer and the offer as accepted today by the OA board. Both on the jump…