“Nobody knows the hour” of The King’s College closing


Inside Higher Education paints a dismal picture of the financial condition of the small The King’s College in Manhattan, New York.

The magazine stated:

“The deadline to raise the $2.6 million was Feb. 15. So far, the college has raised $178,000, according to an email sent to supporters earlier this week. While officials have described Feb. 15 as an artificial deadline to spur donors into action, the fundraising results thus far fall so short of what’s required that the goal seems out of reach.

College officials have said the money is needed to meet basic needs such as rent and payroll.”

It is reported that the college’s board is divided on what to do. “The news has not been promising. Fundraising is stagnant. And a potential partnership with another institution—one that Day referred to in the Feb. 3 meeting as a “significant university”—has not yet manifested due to the lack of unanimous support from that institution’s governing board. Conversations with another possible partner, also unnamed, are ongoing.”

No more Chik Fil-A creates a panic.

“What people always told each other is, ‘We’ll know when the college is really in trouble when they can’t offer free Chick-fil-A anymore,’” student Melinda Huspen told Inside Higher Ed. “And sure enough, in the budget cuts, one of the first things they said was they wouldn’t be offering free Chick-fil-A anymore. And that’s kind of when everybody went, ‘Oh, no, this is real. This is really real.’”

(After a four-week absence, free Chick-fil-A recently returned, thanks to an anonymous donor, Huspen noted.)”

Prices for TKC college widely swing: “The volatility extends to the college’s pricing structure. In January 2022, officials announced they were dropping annual tuition from $37,000 to $21,000 for students entering that fall. But once the semester rolled around, they reversed the tuition cut, raising the price for domestic students to $35,000 a year.”

The college has been depending on the millions from alleged racketeer Bill Hwang of the Grace & Mercy
Foundation. He was charged with racketeering and fraud in 2022 after losing $20 billion of other people’s money.

Will somebody on Wall Street write a check for the needed $2.6 million?

Read the full story on Inside Higher Education.

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