Limestone Universe, established in 1845, is one of the oldest women’s colleges in the United States. It is now looking at a possible closure if it cannot come up with $6 million in funding by the end of April. The national Presbyterian liberal arts college in Gaffney, South Carolina, has been dealing with urgent financial difficulties. For the 2022-2023 fiscal year, it posted an eye-popping $12.6 million deficit. This deficit represents an increase of more than $10 million from the past few years.
The university’s board of trustees declared an emergency. They attribute the financial crisis to decreased enrollment nationally, increased operational costs, and a number of structural factors. These challenges have led to significant discussions with the NCAA. The university is looking forward to working with everyone to find creative solutions to ensure its continued vitality.
Limestone University is preparing to welcome students with a “reverse college fair” on April 25. This event will showcase some of the best opportunities open to them. This free event will give future students the opportunity to explore additional universities, while current students explore their options academically and financially during these uncertain times. Beyond advancing student well-being, the fair is a strong demonstration of the administration’s acknowledgement of and efforts to respond to the urgent budget crisis.
With no new money in sight, the very existence of USF’s physical campus now hangs in the balance. If the university is unable to raise the required money, it will have to move all its classes and services back online. Despite this looming possibility, Limestone University’s administration has reassured stakeholders that the institution’s mission of education and service will be upheld, regardless of whether it operates on campus or through a digital platform.
For almost 200 years, Limestone University has been an educational tradition and source of pride to South Carolinians. Which is to say that losing its physical campus would still represent a radical change for the university. Second, it would similarly profoundly enrich that community which it serves. Against this backdrop of urgency, financial sustainability is taking on new salience for higher education institutions.
As April draws close, Limestone University finds itself at a tipping point that will decide their fate. That dedication to upholding its legacy while innovating for today’s challenges will be key in leading it through the current economic turmoil.
Leave a Reply