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Dive Temporary:
- The King’s School, a financially fragile Christian establishment in New York Metropolis, is not going to provide fall 2023 courses, however is not going to completely shut as of now, it mentioned Monday.
- The school’s trustee board mentioned in an e-mail that it’ll reduce college and workers positions amid the monetary disaster. The e-mail didn’t specify what number of positions are being eradicated.
- School officers mentioned on the establishment’s web site that they’re “in superior discussions with one other Christian college relating to an academic and operational partnership with a view to stay open.”
Dive Perception:
The King’s School has been clinging to life for a number of months, publicly pleading for donations to assist it stave off closure.
However the establishment’s web site mentioned it introduced in lower than $500,000 of a $2.6 million fundraising objective, and its demise appeared all however assured after having its accreditation revoked by the Center States Fee on Greater Schooling.
With out accrediation, the school can’t entry federal monetary support cash. MSCHE introduced the choice in Might, and The King’s School mentioned it might enchantment.
The roughly 85-year-old school has attributed its monetary troubles to sluggish COVID-19 restoration and financial troubles, together with rising rates of interest. Different schools that introduced their closure in latest months have cited related causes.
The King’s School has declined to share particulars about discussions with different non secular schools on potential consolidation, however mentioned it “continues to have severe conversations with establishments.”
Nevertheless, the school has deliberate for its closure. It developed a teach-out plan to assist college students switch to different establishments, which MSCHE permitted. That plan will solely take impact if the school closes.
Enrollment on the school has plummeted. Federal knowledge exhibits it enrolled 384 undergraduates in fall 2021, down from 555 in fall 2017.
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