The University of Puerto Rico, Cayey, has notified the NCAA that it is withdrawing its membership.

The Division II Membership Committee acknowledged the decision at its meeting Thursday in Indianapolis.

University Chancellor Ram S. Lamba in a letter to NCAA President Myles Brand cited financial concerns and travel challenges as reasons for discontinuing the school’s Division II membership.

“The current economic situation that the government of Puerto Rico has been experiencing has forced us to study our financial alternatives,” Lamba wrote. “We have had to make difficult decisions related to where we will place our limited financial resources. At this historic moment, we do not have the financial means to comply with all of the travel requirements that are part of membership responsibilities.”

Puerto Rico-Cayey’s decision leaves the NCAA with three schools from Puerto Rico, all of which are Division II members. They are Puerto Rico-Bayamon, Puerto Rico-Mayaguez and Puerto Rico-Rio Piedras.