Dive Brief:
- The King’s College, a financially fragile Christian institution in New York City, will not offer fall 2023 classes, but will not permanently close as of now, it said Monday.
- The college’s trustee board said in an email that it will cut faculty and staff positions amid the financial crisis. The email did not specify how many positions are being eliminated.
- College officials said on the institution’s website that they are “in advanced discussions with another Christian university regarding an educational and operational partnership in order to remain open.”
Dive Insight:
The King’s College has been clinging to life for several months, publicly pleading for donations to help it stave off closure.
But the institution’s website said it brought in less than $500,000 of a $2.6 million fundraising goal, and its demise seemed all but assured after having its accreditation revoked by the Middle States Commission on Higher Education.
Without accrediation, the college cannot access federal financial aid money. MSCHE announced the decision in May, and The King’s College said it would appeal.
The roughly 85-year-old college has attributed its financial troubles to sluggish COVID-19 recovery and economic troubles, including rising interest rates. Other colleges that announced their closure in recent months have cited similar reasons.
The King’s College has declined to share details about discussions with other religious colleges on possible consolidation, but said it “continues to have serious conversations with institutions.”
However, the college has planned for its closure. It developed a teach-out plan to help students transfer to other institutions, which MSCHE approved. That plan will only take effect if the college closes.
Enrollment at the college has plummeted. Federal data shows it enrolled 384 undergraduates in fall 2021, down from 555 in fall 2017.