It didn’t happen overnight…
The College of New Rochelle is now closed. This timeline explains how it happened.
Timeline: The collapse of the College of New Rochelle
Oct. 16, 2016
President Judith Huntington submits her resignation to the College of New Rochelle’s board of trustees.
Oct. 18, 2016
The College of New Rochelle announces Huntington’s resignation and an internal financial probe.
The college said it had uncovered “unmet financial obligations” after the retirement of longtime Controller Keith Borge, who left after two decades with the college at the end of the previous school year.
Within a month, VP of Finance Betty Roberts would also part ways with the college.
Nov. 1, 2016
The college announces the results of its probe, finding $31.2 million in unpaid bills, including $20 million in unpaid payroll taxes dating back to 2014.
Nov. 15, 2016
The college raises $1 million in donations by a self-imposed deadline, part of an effort to stave off financial ruin. It also moves forward with plans to auction five homes it owns to raise money.
Jan. 29, 2018
The college faces an ultimatum over its financial aid programs and is told to secure a $3.84 million guarantee from a bank within two months.
March 21, 2018
William Latimer is named the new president of the college. Latimer, a New Rochelle resident and former Lehman College administrator, was to join the college April 15.
He’d end up being the last president in the college’s history.
A tax warrant is issued to the school, notifying the college it owed more than $3.1 million to the state Department of Taxation and Finance. The debt, with a 9% interest rate, shows the college’s struggles to stay afloat.
The college misses a $1.2 million payment to the New Rochelle Industrial Development Agency for bonds the agency issued to finance a capital project on campus. This was paid months later in December, at a 5.5% interest rate, according to documents.
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