Facing Budget Crisis, Limestone University Announces Possible Closure

Forbes

17-04-2025

Limestone University, a private, Christian college in Gaffney, South Carolina revealed on Wednesday that it is facing such significant uncertainty about its financial future that it was considering the possibility of a complete closure.
'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,' reads the statement.
Founded in 1845, Limestone University is a non-denominational Christian institution. It was the first woman's college in South Carolina, but it became coeducational in the late 1960s. Limestone offers associate, undergraduate, and master's degree programs on campus, and it also operates an online program, which has an international reach. According to U.S. News, its fall, 2023 enrollment was a bit less than 1,800 students.
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. In 2024 alone, 16 nonprofit colleges closed up shop, with several of them having – like Limestone — a religious affiliation.
Limestone's Board of Trustees announced 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 is not successful, it will be forced to offer only online instruction or begin the process of shutting down. The Board will meet again on April 22, 2025 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, in the university's news release. 'We are reaching out separately to students with information regarding options to continue their education.'
If the Board elects to move to the online scenario, 'it would discontinue all in-person academic operations and all other activities, including athletics, in Gaffney.' According to its website, Limestone students compete in 23 NCAA Division II sports, 10 for men and 13 for women. Its varsity athletes have been very successful both in team and individual competitions, with the men's lacrosse team winning five NCAA Division II National Championships since 2000.
'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 online portion of Limestone's academic programming has grown, giving the institution hope that it could support its economic stability in the future.
Limestone University is estimated to have a $150 million annual economic impact on Cherokee County where it is located. Like many other small colleges, the school plays a vital role not only for the local economy but also for the overall quality of life enjoyed in the area. Even a shift to exclusive online instruction could prove to have severe consequences.
Gaffney Mayor Lyman Dawkins III, himself a Limestone alum, released a statement about the news in which he described Limestone University's potential closure as 'devastating' and "a significant blow to our community."
Dawkins said that Limestone had '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.'
And Dawkins pointed to the emotional trauma that would be felt if the university was unable to be salvaged. "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.'