Latest news with #NathanCopeland
Yahoo
30-04-2025
- Business
- Yahoo
SC's Limestone University to close after nearly two centuries
Limestone University will close its campus and cease online operations amid shrinking enrollment and revenue shortfalls. (File photo by Getty Images) A 179-year-old, private college in South Carolina's Upstate will officially close and sell its campus. Limestone University's governing board made the final decision after several hours of deliberations late Tuesday, the last day of classes for the spring semester. The vote for closure followed a series of hopes and disappointments for students unsure about the fate of their school and their academic and athletic future. The college first made its financial straits known two weeks ago, when President Nathan Copeland announced to students and staff that Limestone faced a $6 million budget shortfall, which could lead to its closure. Limestone had been holding out for an eleventh hour donation in hopes of keeping its doors open. It managed to raise $2.1 million but still fell short of what school officials said it needed to stay afloat in the short term. Even if it had succeeded, the college still would have needed a long-term solution to its growing financial woes. 'Words cannot fully express the sorrow we feel in having to share this news,' Copeland said in a statement. 'Our students, alumni, faculty, staff, and supporters fought tirelessly to save this historic institution. While the outcome is not what we hoped for, we are forever grateful for the passion, loyalty, and prayers of our Saints family.' The school has cited enrollment declines impacting colleges nationwide and rising costs for its demise. Limestone's enrollment fell by half over the past decade, from 3,214 students in fall 2014, according to state higher education data, to 1,600 now, both online and in person according to the university's announcement. At first, the board said it would continue with its online classes, which would have allowed the college to continue with its associated charter school management operations — Limestone Charter Association — which sponors 13 K-12 public charter schools. But online operations are also ending and at least 478 people employed by the college are losing their jobs. 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 realitie – Lyman Dawkins III, mayor of Gaffney Limestone was founded in 1845 by Thomas Curtis, a Baptist minister from England. It began as the Limestone Springs Female High School and held classes in the town's former hotel, built by the founder of a limestone quarry that supported the area economy for nearly a century. 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 initially allow them to live on campus. While not the largest employer in Cherokee County, it is the county's only four-year institution of higher education. Gaffney's mayor and Limestone alumnus Lyman Dawkins III, called the college 'a cornerstone of our city educationally, economically and culturally.' 'Limestone has provided countless jobs, brought in students and families who supported local businesses and served as a catalyst for growth,' Dawkins wrote in an online statement after closure was first announced two weeks ago. He cited Gaffney's efforts to revitalize its downtown and said 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,' Dawkins said. '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,' Dawkins added. Auditors reported the school had a $7.6 million operating loss as of June 2024. Its shortfalls were caused by a decline in enrollment and uncontrolled spending in previous years. Since 2020, the school has borrowed some $22 million from its small endowment, which had a balance of just $9.2 million last June the audit showed. 'These factors create uncertainty regarding the University's ability to continue,' the auditors wrote. The school also faced an additional $30 million in debt, according to Copeland, who took over as university president last year and laid plans he hoped could have sustained the school. The debt comes from a 40-year U.S. Department of Agriculture Rural Development loan, which Limestone took out in 2018 to construct a new library and student center, purchase a residence hall and refinance previous debt. Limestone is not alone. Small, private colleges with meager endowments have been closing across the country. According to Inside Higher Ed, 2023 saw 15 colleges announce closures. That was followed by another 16 in 2024. Limestone's final commencement ceremony for graduates is May 3.
Forbes
25-04-2025
- Business
- Forbes
One Million Dollar Gift Gives Limestone University Hope To Remain Open
Limestone University is hoping that a $1 million donation will spur more gifts that will allow it to ... More remain open A recent one million dollar donation by a local foundation has given Limestone University a possible lifeline to remain open, as it struggles to overcome severe financial problems. Last week, Limestone University — a private, Christian college in Gaffney, South Carolina — revealed that it was facing such significant uncertainty about its financial future that a complete closure of the institution was a possibility. 'After 179 years educating students in person, Limestone University is facing a critical turning point which may require transitioning to online only classes or at worst ceasing operations completely,' according to the statement. As part of Limestone's announcement that it was in financial peril, its Board of Trustees said that it would need to immediately secure $6 million in financial support to allow the institution to continue normal operations and give it time to examine other longer-term solutions that could sustain its viability. If that effort was not successful, it would be forced to offer only online instruction or begin the process of shutting down. Then, on April 22, the university revealed there was a possible funding source that might allow it to remain open with on-campus and online classes. Although the source and amount of the possible contribution were not specified at the time, the university decided to hit pause on moving forward with an immediate plan to convert to on-line operations only or to close altogether. 'This possible funding solution has us all cautiously optimistic about the future of Limestone as both an in-person and online educator," said Randall Richardson, Chair of the Limestone University Board of Trustees, in the news release. 'Last week, we were at the brink of a possible closure or transition to online-only classes. Now, we are pausing that discussion so we can wait on more information about a potential financial lifeline. We want to emphasize, this is just a possibility at the current time.' On April 24, Limestone launched a new fundraising campaign — 'Together for Limestone' — designed to raise money that would 'provide critical support for campus operations, academic programs, and essential services – and ensures our mission endures.' Its website encourages prospective donors to 'Stand with us. Invest in Limestone. Secure the future.' Several hours later, Limestone reported that it had received a $1 million commitment from the Fullerton Foundation, a Gaffney-based private foundation. Limestone President Nathan Copeland said, 'This extraordinary gift from the Fullerton Foundation is a testament to the long-standing partnership between our two institutions and a powerful affirmation of the role Limestone plays in this region. The Foundation's support will have an immediate and lasting impact on our students, our programs, and our community.' 'The Fullerton Foundation's relationship with Limestone University goes back to our inception in 1954,' said Chris Steed, the Executive Director of the Fullerton Foundation, on behalf of the board of directors. 'Alma Fullerton learned to love Limestone at the feet of her father Dr. Wylie Hamrick. Dr. Hamrick was an ardent board member and financial supporter of the institution and modeled servant leadership at Limestone to his children, grandchildren, and great-grandchildren. 'Our board of directors understands how important Limestone is to her students and our shared community,' he added. 'We make this gift in the hopes that Limestone continues to nurture and educate future leaders and continues to be an integral part of the local economy and culture.' Whether the Fullerton donation, which Limestone described as one of the largest in recent history, will prompt other gifts that are sufficient to keep the school operating remains to be seen. Founded in 1845, Limestone University currently serves 1,600 students, including both on-camus students and those seeking online degrees. It employs slightly less than 500 faculty and staff. The university attributed its financial troubles to what has become a well-known set of factors — enrollment declines, rising costs, and structural budget deficits — plaguing small, private colleges and universities. Limestone ran a $12.6 million deficit in fiscal year 2023, and its enrollment has dropped by about 1,600 students over the past ten years. In 2024 alone, 16 nonprofit colleges closed up shop, with several of them having – like Limestone — a religious affiliation. Limestone's fate is likely to be determined soon. Its Board of Directors is scheduled to meet again by April 29 to decide if enough money has been raised by the new campaign to give the institution the temporary stability it needs to pursue other long-term financial strategies.
