"Currently, they have found no seepage at the dam so it is considered stable", Jes Gearing, public information officer for Lynchburg Water Resources, said in a statement emailed to NPR.
County officials reported the dam's "imminent failure" at around 9:30pm on Thursday. The dam "is being closely monitored ... for any signs of structural failure" as another inch or so of rain is expected Friday near Lynchburg, 50 miles east of Roanoke, according to the National Weather Service.
Local outlet WDBJ7 said a number of people whose homes were deemed to be at risk had been evacuated to nearby schools, along with their pets.
The weather service has extended a flash flood warning for the region through Friday evening because of the possibility of additional showers and thunderstorms.
With help from first responders, 150 people were evacuated.
"The good news is that the rain has stopped and began to recede yesterday, relieving some of the pressure on the dam", Major Tommy Carter of the Lynchburg Sheriff's office told Fox News on Friday, "but the bad news is that there's more rain in the forecast today and the dam has been weakened".
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Because the sediment from the city's runoff is trapped above the dam, the lake has dramatically reduced in size.
A flash-flood warning is in effect until 2 a.m. Saturday in Lynchburg.
College Lake sits adjacent to the University of Lynchburg, and the dam was built in 1934 by the Virginia Department of Highways.
Parts of Lynchburg, Virginia, have been evacuated as floodwaters have compromised the integrity of a dam upstream. The original surface area of the lake was reported to be 44 acres and has been reduced to 19 acres due to sedimentation.
Engineers have been assessing the situation at College Lake Dam.
There is some good news in the forecast: Following two weeks of relentlessly wet weather in the eastern US, a drier weather pattern will move in over the weekend and into early next week, AccuWeather said.