Latest news with #Gaffney-based
Forbes
01-05-2025
- Business
- Forbes
Limestone University Will Close As Fund-Raising Effort Comes Up Short
Long-standing financial problems have forced Limestone University to close its doors at the end of ... More this academic year. 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.
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.
