Dive Temporary:
- Going through a “steep” money shortfall, California-based College of Saint Katherine is closing and can file for chapter, President Frank Papatheofanis mentioned in a letter to campus posted on social media final week by one of many establishment’s sports activities groups.
- Behind the personal nonprofit’s crunch in working money is “extraordinary inflation,” together with wage will increase, in addition to excessive institutional monetary support, the president added. He didn’t instantly reply to a request for remark.
- Papatheofanis despatched the letter saying the closure on Thursday, the identical day the college deliberate to stop all operations and employment. It is going to “pursue and take into account any alternative we will determine” whereas going via the chapter course of, Papatheofanis mentioned.
Dive Perception:
Earlier than ceasing operations, Papatheofanis and the board “vigorously explored a number of choices which may enable us to proceed,” the president mentioned in his letter.
However the abrupt closure got here as a shock to college students. The San Diego Union-Tribune reported that college students and college had been packing up belongings on campus Friday. One scholar informed the newspaper that she was alleged to graduate in Might and now didn’t know if there could be a ceremony, including, “That is surprising.”
In a press release emailed to Greater Ed Dive, Jamienne Studley, president of WASC Senior Faculty and College Fee, the college’s accreditor, mentioned that it anticipated Saint Katherine to fulfill its teach-out necessities and assist college students transition to a different establishment.
“We’re carefully monitoring the establishment’s compliance with accreditation necessities, together with scholar rights and knowledge,” the Studley mentioned.
The college, which describes itself as Orthodox Christian, was based in 2010 in San Marcos. It provided almost 20 bachelor’s levels within the liberal arts and sciences, in addition to three grasp’s diploma packages, together with theology.
In 2022, WSCUC counseled the establishment for rising its enrollment, even in the course of the early years of the pandemic.
WSCUC additional praised Saint Katherine on a brand new “aesthetically pleasing” area, new on-line grasp’s program and a linked college neighborhood.
On the time, a fee official additionally famous the college wanted to develop “a sustainable monetary posture” that will be future-looking, account for “ample sources to assist institutional development” and preserve wholesome money flows.
Within the 2022 fiscal yr, Saint Katherine confronted a deficit of almost $212,000, even after considerably rising its income and posting a surplus the prior yr, in line with tax filings. The faculty was discounting its tuition by greater than 40%, in line with its newest auditor report.
From 2017 to 2021, Saint Katherine almost doubled its enrollment, which rose from 137 college students to 267, in line with federal information. Nonetheless, from 2021 to 2022, enrollment fell 13.1%.
Whereas its web site doesn’t presently point out the closure, the college’s “Apply” web page says that Saint Katherine shouldn’t be accepting functions.
