"The 1,300-student California College of Arts had previously laid off 10% of its staff and instituted a series of budget cuts, illustrating the economic pressures facing small schools that are dealing with increasingly dire finances. As the last-remaining private art and design school in the Bay Area, the college's leadership said its tuition-driven business model is not sustainable. The school has been teetering for years."
"Last February it received a $22.5 million lifeline from billionaire Huang, Nvidia Corp.' top executive, and his wife Lori and had previously gotten a $20 million grant from the state. Those measures allowed the school to avoid a financial crisis and earn us time to plan more effectively for the future, David Howse, the president of the California College of the Arts, said in a statement."
"We will now launch a fundraising campaign to cultivate the donor support that will fuel our ambition, Diermeier continued at a press conference. We are encouraged and heartened by the enthusiastic support we've already received. Diermeier credited San Francisco's mayor Daniel Lurie and his chief of economic development Ned Segal with a less than 10-month push that led to Vanderbilt's decision to"
Vanderbilt University will open a new San Francisco campus by acquiring the downtown campus of the California College of the Arts as that roughly 120-year-old school winds down operations by 2027. The California College of the Arts enrolls about 1,300 students and has cut staff and budgets amid growing financial strain and an unsustainable tuition-driven model. The school previously received a $22.5 million donation from Jensen Huang and a $20 million state grant, which temporarily staved off crisis. Vanderbilt plans a fundraising campaign to support the expansion and credited local officials for facilitating the move.
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