Cazenovia College to close before 200th anniversary amid financial issues
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On Wednesday, Cazenovia College announced it will permanently close after the spring 2023 semester, two years before the college’s 200th anniversary.
Cazenovia’s Board of Trustees cited financial issues as the main factor in its decision to shut down, but reassured students that it will remain dedicated to their education and help them transition to new institutions.
“Unfortunately, the headwinds and market conditions were insurmountable, leading to a projected deficit of several million dollars for next year,” Ken Gardiner, chair of the Cazenovia College Board of Trustees, said in a press release. “As a result, the College won’t have the funds necessary to be open and continue operations for Fall 2023 and beyond.”
The college is set to carry on as normal in the last weeks of the fall semester, and remain “fully operational” for the spring semester with in-person classes and events.
Going into the spring, faculty and staff will be working with students to aid in their transfer processes, according to the press release. Cazenovia has entered into agreements with other upstate New York colleges – including LeMoyne College, SUNY Oneonta and Utica University – to “provide pathways” for former Cazenovia students to aid in their academic and social transition. The release did not list Syracuse University as a partnered institution.
The decision to cease operations at the end of the 2022-23 academic year follows an over 40% drop in enrollment, the press release read. Higher education institution enrollment has decreased by 4.2% nationwide since the beginning of the COVID-19 pandemic, according to the National Student Clearinghouse Research Center.
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The release also pointed to students postponing enrollment after acceptance or taking a leave of absence for the 2021-22 school year as a factor, which hurt investments in technology and campus safety operations and contributed to its financial difficulties. The college also had trouble receiving debt service on outstanding bonds in September, the release read.
“We have worked tirelessly to strengthen the financial position of the College through fundraising campaigns, adding graduate offerings, streamlining transfer pathways and exploring alternative options,” David Bergh, president of Cazenovia College, said in the press release. “Unfortunately, these efforts did not create results to ensure long-term viability for the College.”
Bergh wrote that he is optimistic about Cazenovia’s dedication to its students in the coming months before the college shuts its doors.
“It is an extremely difficult time for all of us, but we remain committed to students, faculty, staff and alumni,” he said.
