- The School of Saint Rose, a Roman Catholic establishment in New York, will shut in Might following its spring 2024 time period, following a vote by its governing board Thursday.
- The school confronted important monetary misery after a decade-plus of declining enrollment, compounded by the pandemic’s lingering results, based on the school’s president, Marcia White.
- The trustees tried a number of cost-cutting measures, in addition to recruitment initiatives to spice up income, White mentioned. However ultimately they couldn’t overcome the school’s projected working money deficit of $11.3 million.
White attributed the 103-year-old school’s monetary woes partially to the variety of potential school college students dwindling.
“In fact, Saint Rose shouldn’t be alone,” White wrote in a Dec. 1 letter to the school neighborhood. “The identical challenges plague many small impartial faculties, significantly these right here within the Northeast.”
Saint Rose enrolled slightly below 2,800 college students in fall 2022, down from virtually 4,700 college students a decade prior, based on federal information.
The school’s leaders tried to proper its funds by way of eliminating tutorial packages and positions and lowering administrator salaries, officers mentioned. Trustees additionally refinanced the school’s debt, requested donors to elevate restrictions on their endowment contributions and bought off campus amenities.
However the ensuing money movement nonetheless wasn’t sufficient to offset Saint Rose’s deficit.
The acquisition route did not work both: Saint Rose had failed in its search to be taken over by one other greater ed establishment.
The school will set up a teach-out plan for college students who will not graduate in Might. It’s going to additionally honor all monetary help commitments by way of the present tutorial yr.