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College of New Rochelle Details Its Financial Crisis

November 2, 2016
 

When the College of New Rochelle announced last month the abrupt resignation of President Judith Huntington, the college said that the turnover at the top came after trustees learned of “significant unmet financial obligations” that had the institution preparing for major budget cuts and possible financial exigency. On Tuesday, the college released details of just how bad things are.

A statement from the board said the college did not make payroll taxes for two years and owes about $20 million in such payments. Further, the college has additional debts of more than $11 million. The college is investigating how the taxes were not paid and is instituting new financial controls.

Looking to the future, the statement said, "The review is still in progress, but preliminary findings indicate that there is a path forward for the college to remain a stand-alone institution. It will require significant cost cutting and a significant amount of outside funding; however, it is the primary goal of the board."

 
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