A college in Upstate New York is currently facing a crisis that may result in its closure and is urgently seeking emergency funds to overcome this challenge.
According to the Times Union, the College of Saint Rose in Albany is seeking emergency funding from the state and other organizations due to several challenges it is currently facing. These challenges include a significant deficit amounting to millions of dollars, a decrease in student enrollment, and the potential risk of losing its accreditation. State Senator Toby Ann Stavisky, who chairs the Higher Education Committee, stated that it is unlikely for the college to receive direct funding from the state.
According to Stavisky, the school is facing financial difficulties and is unable to meet its financial obligations. It is a distressing situation as the school has a rich history of over a century.
The Saint Rose board is scheduled to convene on Thursday to assess the college’s financial situation, as reported by Spectrum News. In recent years, the college has implemented cost-cutting measures such as program reductions and faculty layoffs. Additionally, it undertook debt refinancing last year. However, the Middle States Commission on Higher Education cautioned the college in June, stating that it risks losing certification unless it demonstrates sufficient financial resources to sustain a multi-year budget.
Three months ago, the college made the decision to sell eight buildings located on the outskirts of its 48-acre campus, resulting in a total sale price of $3.65 million. While the college acknowledged that it no longer required these properties, it also recognized that the sales were necessary to secure its long-term sustainability.
The College of Saint Rose has been exploring various options for its future, as reported by the Times-Union. One of the potential solutions being discussed involves merging certain programs with other colleges and universities in the Capital Region.
The College of Saint Rose, established in 1920 by the Sisters of St. Joseph of Carondelet, is a liberal arts school. It transitioned to a co-ed institution in 1969. While the college had a peak enrollment of 4,000 students, the current academic year (2022-2023) saw a total enrollment of 2,800 students.
Clarkson University in Potsdam is reportedly facing financial challenges and is considering faculty and program cuts. Onondaga Community College in Syracuse is making changes to its curriculum to assist students in securing employment in expanding industries such as Micron Technology and Amazon. Additionally, Cazenovia College recently closed its doors after nearly two centuries of operation. In an effort to increase enrollment in higher education, Governor Kathy Hochul has also announced that applications to 130 colleges and universities in New York state will now be free.