Limestone University Will Close As Fund-Raising Effort Comes Up Short
The Limestone University Board of Trustees has voted to close the institution, effective at the end of this semester. The decision comes after an emergency fund-raising effort came up short of what was necessary to sustain the university, which has been operating for almost 180 years.
'Despite exhaustive efforts to secure the funding necessary to continue our operations, we have come to the difficult conclusion that Limestone University has not been able to secure the necessary funding to sustain its operations,' said Randall Richardson, Chair of Limestone's Board of Trustees, in a news release.
Limestone University — a private, Christian college in Gaffney, South Carolina — revealed two weeks ago that it was facing such significant uncertainty about its financial future that a complete closure of the institution had become 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,' said the university at the time.
The university attributed its continuing 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 across the nation.
Limestone's Board of Trustees had previously 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 was not successful, the board said the university would be forced to offer only online instruction or begin the process of shutting down.
Shortly after making that announcement, Limestone launched a new "Together for Limestone" campaign designed to raise money that would provide essential support for campus operations, academic programs, and essential services "and ensures our mission endures.'
Several hours later, Limestone reported that it had received a $1 million commitment from the Fullerton Foundation, a Gaffney-based private foundation. That grant gave the institution some short-lived hope that it could survive. On Tuesday of this week, two more pledges were made from local donors totaling another $1 million.
According to Richardson, over the past two weeks, nearly 200 supporters had committed a collective $2.143 million to the effort, but it was too little, too late. "We had hoped that would be enough to sustain our institution. But in the final analysis, we could not continue operations on-campus or online without a greater amount of funding,' added Richardson.
Founded in 1845, Limestone University currently enrolls about 1,600 students, including both on-campus students and those seeking online degrees. It employed slightly less than 500 faculty and staff.
The University said it would pursue 'an orderly wind-down process' and will assist current students seeking to transfer to other institutions and support faculty and staff during the transition. More detailed information about the closure timeline, student records, transfer assistance, and other support services will be provided in the coming days, it added.
'Words cannot fully express the sorrow we feel in having to share this news,' said Dr. Nathan Copeland, President of Limestone University. '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.'
Despite the announcement, Limestone still plans to conduct a final commencement ceremony on May 3.
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