Northland College provides update on financial exigency

Proposals have been submitted to the Chair of the Board and the President of Northland College following the Board of Trustees declaring financial exigency on April 4 in attempt to see if there were additional avenues to save the school. The proposals, from the Faculty Ad Hoc Exigency Committee and the Operations and Budget Committee, will also go to the Board of Trustees who will convene and review the proposals.

“For the College to remain open, these proposals will need to demonstrate a significantly reduced deficit in the short-term and a compelling, financially feasible and sustainable model for the long-term,” explained Ted Bristol, Chair of the Northland College Board of Trustees. “The Board extends tremendous gratitude for the incredible amount of work that has been done, especially under a short timeline. Much work is still to come in the next few days and updates will be provided as progress develops.”

The proposal outlines a revised set of academic programs, addresses enrollment demand, and have been described by college officials as “financially feasible”.

College officials also stating that the draft plan would require Northland College to end some existing programs and courses.

“The Operations and Budget Committee has also conducted a comprehensive analysis into the College’s operating expenses and leadership of this committee has been meeting regularly with the President,” elaborated Bristol in a statement posted to Northland College’s website. “Together, they have identified areas to streamline and reduce expenses that would free up critical funds for both the short and long term.”

Financial exigency was declared after a March 11 fundraising appeal to raise $12 million by April 3 to avoid closure and instead continue programs and operations beyond this academic year.

The appeal raised nearly $1.5 million from over 900 donations when it ended at midnight on April 3—a record for the College.