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The president and Board of Trustees at Northland College voted Thursday to declare financial exigency after failing to raise enough funds to stay open.

The small liberal arts institution in Wisconsin announced three weeks ago it was in such a dire financial state that it would be forced to shutter if it could not raise $12 million by April 3.

Despite the college having raised only $1.5 million, the board delayed the decision to shutter its doors, saying it would give the institution two more weeks to explore program, staffing and budget adjustments before making a final decision about its future.

“The Board has been inspired by the extraordinary effort and generosity over the past few weeks,” Ted Bristol, chair of the Northland College Board of Trustees, said in a press release. “We are committed to ensuring we’ve explored all options … However, I also want to caution that Northland’s circumstances remain incredibly serious and significant progress will be needed in the next two weeks to avoid closure.”

The board has set a timeline for this process, focusing on three key areas: collaboration to refine a new structure for the college, exploration of current and future budget adjustments, and additional donor engagement.

The college, which enrolled 518 students in fall 2022, according to the Education Department’s Integrated Postsecondary Education Data System, intends to continue the current academic year as planned with no immediate changes to programs or services.