After staggering on the edge of closure for months, Judson College's trustee meeting voted on Thursday to close the Baptist Women College in July.
The College, located in Marion, Ala., He had been in a bad financial form for years. , but his financial perspective worsened in recent months, despite the fact that the university raised more than $ 2.53 million this academic year.
The registration, which had been decreasing for more than a decade, was Trimal this spring, with only 145 students enrolled. It was only hoped that 80 students will return for the next academic year, and only a dozen new students had committed to attend Judson in the fall.
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The Board voted in April to approve a Budget for the academic year 2021-22, betting on new potential customers of donors who could result in significant gifts for college. Those gifts never materialize, according to a university press release.
Two days before the meeting of the Board on Thursday, one of Judson's creditors called a note on a loan that was due and was not renewed.
The university will begin closing procedures with a small number of employees in the coming months.
"The university will do everything possible to provide assistance in the transition of employment and give as much notice possible for its employees," said the press release.
Judson will also request the protection of bankruptcy from Chapter 11.
The University will cease the academic operations of July 31 after its summer purposes end. The residences will be closed as scheduled after the summer period of May. Continuous students can work with college to create transfer plans.
Donors who have already promised gifts to college for the academic year 2021-22 will not be obliged to complete them.
A roller coaster of five months
The university faced its possibility of closing in December, when Tew implored student and donors to help the university fulfill a collection objective of $ 500,000 funds. Without that cash, the university could not have maintained its doors open through the term of spring.
Judson exceeded his short-term goal and collected $ 1.3 million before the new year. University officials quickly announced that Judson would remain open and would begin the spring term on January 20.
In February, a report of the most complete solutions of the highest described the challenges faced by university interest. In decline, students' demographics are changing and the perception of students from Christian schools has changed.
In addition, the registration in Judson has decreased since the academic year 2003-04, and the University has fought to balance its budget.
"Financial challenges like these are not exclusive by Judson and did not happen during the night;" They are the result of the sliding registration, accumulated deferred maintenance, decisions by the previous administration and the gaps in the Data shared with the Board on the condition of the University ", according to the report." The pandemic contributed by increasing the rhythm of the impact, but the university was already in a difficult financial condition before March 2020. " < P> The report offered several options to the small private university and emphasized two: close with dignity or investing in a change.
A change would have been expensive. The university needed to raise at least $ 40 million for five years , according to the most complete report.
In March, the university launched a second pushing of more ambitious fundraising, but was less
