Latest news with #LimestoneCollege
New York Post
01-05-2025
- Business
- New York Post
180-year-old private South Carolina university closing after $6M fundraising drive fails
A 180-year-old private Christian university in South Carolina is closing at the end of the semester after failing to raise $6 million to keep its doors open. Limestone University officials said that after two weeks of furious fundraising and other actions, they collected just a little over $2 million and had no choice but to close its Gaffney campus and online programs. The school had lost about half its enrollment in the past decade. 'Our Limestone spirit will endure through the lives of our students and alumni who carry it forward into the world,' said Randall Richardson, chair of Limestone University's trustees. 'Though our doors may close, the impact of Limestone University will live on.' Students walk across the campus of Limestone College in Gaffney, SC on Dec. 11, 2006. AP The university stunned its students, alums and community when it announced earlier in April without warning that it was in such bad financial shape that without an immediate infusion of $6 million it would have to close. More than 200 people gave a total of about $2.1 million, but it was not enough. The university said the donations will be returned. South Carolina lawmakers decided not to step in because Limestone University is a private institution. Dozens of private colleges and universities like Limestone have closed in recent years. They are coping with steep declines in enrollment, a consequence of both changing demographics and the effects of the COVID-19 pandemic. Limestone University's online and in-person enrollment had dropped from about 3,200 students in 2014 to about 1,600, according to state higher education data. Limestone University promised to help students transfer to other schools. The closure will also leave several hundred professors and support staff without jobs in Gaffney, a city of about 12,500 people on Interstate 85 between Charlotte, North Carolina, and Spartanburg, South Carolina. About 50 students gathered outside where trustees met Tuesday night and hugged as they got the email announcing the university was closing. Limestone University's online and in-person enrollment had dropped from about 3,200 students in 2014 to about 1,600. Kevin Ruck – Daniel Deneen Jr. of Myrtle Beach played football for Limestone and was jarred that he had to change his plans for his education. 'When we found out the school had $30 million in debt, we all wondered how they were going to get out of it. The last two weeks have been very stressful with finals coming up this week,' Deneen told The Post and Courier. Limestone University, founded in 1845, will hold its final commencement Saturday. Limestone isn't the only college in the region to announce it is closing this month. St. Andrews University about 150 miles away in Laurinburg, North Carolina, will close Sunday after the spring semester. The school is a branch campus of Webber International University.
New York Post
21-04-2025
- Business
- New York Post
A South Carolina college faces closure after nearly two centuries — unless it scrounges up $6 million by April deadline
A liberal arts university in South Carolina with nearly two centuries of history could begin the process of closing by the end of April unless it finds a staggering $6 million for emergency funds. Limestone University, a private Christian liberal arts college in Gaffney — previously known as Limestone College, was founded in 1845 as one of the first women's colleges in the country. It could now move towards online-only instruction or shuttering altogether on April 22 before the semester ends. The Board of Trustees at Limestone University shared an urgent message on its website last week announcing the emergency, citing nationwide enrollment decreases, rising costs, and other structural challenges liberal arts colleges disproportionately face. Limestone University, formerly known as Limestone College, could move towards closing or online-only instruction if it doesn't come up with $6 million. Kevin Ruck – 'The Board's priority is to preserve the Limestone mission of education and service on our campus in addition to online. But without this financial lifeline, we will have no choice but to move all operations online, which means closing our physical campus,' said Randall Richardson, Chair of the Limestone University Board of Trustees. The indicated $6 million that the board said is needed would help cover operational costs and resources to create long-term solutions, according to the press release. The university took a particularly hard hit during the 2022-2023 fiscal year and operated at a $12.6 million deficit — over $10 million more than the previous cycles, according to ProPublica. Students and locals alike are beginning to panic as the thought of Gaffney without Limestone University may soon become a reality. 'The psychological and emotional toll will be equally profound. Limestone has been a point of pride, tradition, and inspiration for our residents. It has opened doors for countless local students and families. Many of them were first-generation college students and helped shape dreams into realities. As a proud alumni, I will forever love and honor Limestone University,' Gaffney Mayor Lyman Dawkins wrote on Facebook. Limestone University was founded in 1845 as one of the first women's colleges in the country. ASSOCIATED PRESS Others were blindsided by the trustees' announcement, including university staff. 'I'm just a bit scared. We don't really know like the next steps of what's gonna happen or fully what's going on but we just have to take it one step at a time and figure out what we're gonna do for ourselves and how we're gonna say goodbye to each other if we have to,' sophomore Annabelle Dougherty told WJBF. Some are even taking to social media for donations, with many students posting videos on TikTok and asking for influencers like to lend a hand. Limestone University has already been in contact with the NCAA and will be hosting a 'reverse college fair' on April 25 so that current students can explore other universities.
Yahoo
16-04-2025
- Business
- Yahoo
Limestone University faces possible closure
GAFFNEY, S.C. (WSPA) – After 179 years as an institution of higher education, Limestone College could soon close its doors. The college held meetings with students and staff on Wednesday to inform them the college is facing 'financial uncertainty,' which could lead to the school switching to a fully-online model or permanently closing. According to a press release on the college website, Limestone's Board of Trustees has announced unless the university can obtain 'immediate financial support in the amount of $6 million' the institution will need to move fully online or begin the process of closing. The Board will convene on April 22, to discuss the next steps for the institution. 'Limestone remains committed to our students and we will work directly with current students to help them identify the best path to successfully complete their educational journey,' said Randall Richardson, chair of the Limestone University Board of Trustees. 'We are reaching out separately to students with information regarding options to continue their education.' In the event the university were to swap to online model, it would discontinue all in-person operations, including athletics in Gaffney. 'The Board's priority is to preserve the Limestone mission of education and service on our campus in addition to online. But without this financial lifeline, we will have no choice but to move all operations online, which means closing our physical campus,' said Richardson. The college said its financial challenges stem from a combination of nationwide enrollment declines, rising costs, and long-standing structural pressures facing small, private institutions. The proposed $6 million emergency fund would stabilize operations and give the university the opportunity to pursue long-term solutions that preserve its on-campus identity, according to a media release. Limestone University opened in 1845 as Limestone College, an independent non-denomination Christian college located in Gaffney. The school changed its name to include the university moniker in 2020. At the time of its opening, Limestone was the first women's college in South Carolina, and among the first in the country. The college began admitting men in the early 1900s, but did not allow them to live on campus. The school offers programs on-campus and online from associate, undergraduate and masters programs. In 2024 the college named Dr. Nathan Copeland as its newest president. Earlier this year the school kicked off a $1.5 million athletic campaign by naming its first female athletic director. According to nonprofit investigative journalism outlet ProPublica, Limestone University's finances have dipped in recent years. The school operated at a $12.6 million deficit in 2022-23, up significantly from a $2 million annual deficit in previous years. A tax form for the 2022-23 tax year show the university received $9 million less in donations and grants that year. Notes from tax forms said the university was home to 2,250 full-time equivalent students and 330 employees. In a post on Facebook, Gaffney Mayor Lyman Dawkins said the closure would be a 'significant blow to our community.' 'The economic impact will be substantial. Limestone has provided countless jobs, brought in students and families who supported local businesses and served as a catalyst for growth. In our current efforts to revitalize downtown Gaffney, Limestone students have played a vital role. Their energy, involvement, and contributions have breathed life into our city and helped us build momentum for the future.' 'The psychological and emotional toll will be equally profound. Limestone has been a point of pride, tradition, and inspiration for our residents. It has opened doors for countless local students and families. Many of them were first-generation college students and helped shape dreams into realities. As a proud alumni, I will forever love and honor Limestone University.' Mayor Lyman Dawkins III Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
