As trustees, we have a fiduciary responsibility to the institution; we have determined after a thorough review that the College does not have adequate financial resources to continue... many small colleges like Wells have faced enormous financial challenges... exacerbated by a global pandemic, a shrinking pool of undergraduate students nationwide, inflationary pressures, and an overall negative sentiment towards higher education.
Officials noted that trustees have long looked for 'creative solutions to raise revenues in hopes of avoiding closure,' including seeking a partnership to stay afloat. But those efforts did not pan out as hoped, prompting the decision to shutter the college.
For New York's higher education landscape, it marks another institution lost in a state that has been hard hit by closures.
#college-closure #financial-instability #higher-education-trends #small-colleges #economic-challenges
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