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An independent state-appointed monitor issued a series of recommendations for struggling New Jersey City University, including that it sell off assets and seek partnerships, NJ.com reported.
The recommendations were included in a report issued by Henry Amoroso, whom the state appointed as a monitor in the wake of a financial collapse at NJCU, which spent millions on various projects despite plunging enrollment in recent years. The university declared a fiscal emergency in 2022 and has enacted cost-cutting measures under new leadership.
But Amoroso indicated in the report that more work needs to be done, recommending the university lease surplus real estate, sell off capital assets and seek a partner for greater viability, according to NJ.com. He said there is a “narrow pathway” for NJCU to remain an independent institution.
“I appreciate the Monitor’s attention and collaboration as we have continued our work of strengthening NJCU’s mission and honorably serving the people we are privileged to serve,” interim president Andrés Acebo said in a statement.
Acebo struck an optimistic tone, expressing confidence “in our community’s resiliency and the brilliant promise of its future,” despite the financial issues raised in Amoroso’s report.
