“no viable financial path forward amid declining enrollments”
This closure was not prompted by the Coronavirus crisis. The school has apparently been struggling for a few years.
Here’s part of an email that was sent out by the school president:
I write today to share very sad news: The Board of Trustees of MacMurray College has voted unanimously to close the college at the end of the semester in May.
Although your recent gifts helped significantly with cash flow, the Board ultimately determined that your alma mater had no viable financial path forward amid declining enrollments, rising competitive costs, and an insufficient endowment.
The Board spent more than a year exploring financial scenarios and potential new sources for capital. A new strategic plan was developed to broaden MacMurray’s professional degree programs and reach more non-traditional students, but the significant amount of capital required to fund it could not be secured.
Although the current pandemic and the resulting economic disruption further complicated MacMurray’s financial condition, they were not the principal reasons for the Board’s decision to close.
Together with my team, we are working to ensure seamless transitions for our 527 students to one of seven nearby colleges and universities this fall.
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