The Atlantic 10 will not dismiss St. Bonaventure from the conference after an annual meeting of its Presidents Council on Tuesday in Washington D.C.

The council made the decision after hearing the school about its ongoing investigation for using an ineligible player.

"St. Bonaventure remains a member of the Atlantic 10 Conference and reports to the contrary should be put to rest," the Rev. Nicholas Rashford, president of Saint Joseph's University and president of the A-10's Presidents Council said in a release.

The issue of removing the Bonnies from the A-10 arose after the school used ineligible player Jamil Terrell. The Bonnies offered to forfeit six Atlantic 10 victories, but then the conference banned the school from the A-10 tournament. Upon learning of this, the players decided not to play the last two games of the regular season. The school agreed to pay Massachusetts between $50,000-$100,000 in lost revenue for failing to show up for the regular-season road game.

The end result: School president Robert Wickenheiser resigned, and coach Jan van Breda Kolff, assistant coach Kort Wickenheiser, Robert's son, and athletic director Gothard Lane were all suspended indefinitely.

The A-10 also announced Tuesday that the Bonnies offered to reimburse Richmond and the conference for any financial losses for Richmond's missed home game. The Bonnies already agreed to pay UMass for its missed home game during the regular season.

"I would like to thank St. Bonaventure interim president Father Dominic Monti and Bill Swan, chair of the university's Board of Trustees, for being here today and updating us on the basketball matter at St. Bonaventure," Rashford said.

"We all agree this is a difficult time at St. Bonaventure and appreciate the candor in which Fr. Monti and Mr. Swan addressed the group. It is evident that the present St. Bonaventure administration understands the seriousness of the situation and the Council's concerns. Fr. Monti and Mr. Swan have assured us that they will keep us abreast of any developments as they occur."

Andy Katz is a senior writer at ESPN.com.