Liberty University plans to lower Ivy Lake's water level before it begins repairing a deficient dam.
Liberty Chancellor Jerry Falwell Jr. said that draining Ivy Lake was scheduled to begin Saturday. But the project has been delayed to give property owners time to move their boats.
The project could cost about $1 million.
The Virginia Department of Conservation and Recreation has said the dam's spillway capacity can't handle a large storm event. The state has labeled the dam as a "high hazard."
Three Lynchburg residents donated the lake to Liberty in 2008.
Falwell said previously that the dam repairs on contingent on property owners agreeing to manage the lake in the future.