St. Andrews University, a private institution in North Carolina and a branch of Florida's Webber International University, will close next week after struggling with financial sustainability. Although enrollment has risen to 832 students in fall 2023, it was not enough to avert closure due to shared financial issues with Webber, which faces significant losses. The challenge was exacerbated by St. Andrews' lease obligations for its campus and a lack of substantial endowment funds. President Tarun Malik expressed regret over the closure, highlighting efforts to maintain affordable education amidst unmanageable financial circumstances.
St. Andrews University announced its closure due to prohibitive financial challenges, despite growing enrollment, underscoring the difficulty of maintaining financial sustainability in higher education.
President Tarun Malik noted that despite efforts to preserve the institution, St. Andrews reached a point where financial sustainability was no longer attainable.
An audit highlighting Webber International University's significant financial difficulties emphasizes the broader context of St. Andrews' struggles, revealing substantial liabilities that outstrip assets.
St. Andrewsâ leased campus and financial obligations, including nearly $800,000 in rent, illustrate the operational constraints contributing to the university's impending closure.
#higher-education #university-closure #financial-challenges #enrollment-trends #webber-international-university
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