Relevant Documents:
Notice (Dec. 1)
Letter from President White
Press Release
Marcia White, president of The College of Saint Rose, announced today that the college’s board of trustees voted yesterday, Thursday, Nov. 30, to cease academic instruction at the end of the 2023-’24 academic year. The college also disclosed that it will not fund further interest payments on its
Series 2021 bonds, effective as of the Jan. 1, 2024, interest payment date.
The board determined that the college “does not have the financial resources to operate for the full 2024-2025 academic year and therefore cannot remain a standalone institution,” according to a press release. “Like many small, private higher-education institutions in the Northeast, the College has struggled to manage operating expenses in the face of declining enrollment caused by both a shrinking pool of high school graduates and the prolonged negative impact of COVID-19,” board Chair Jeffrey D. Stone said in the same press release.
The college has scheduled a one-hour investor call for Wednesday, Dec. 6, at 2 p.m. ET, according to the notice, which includes access instructions for bondholders. The notice states that a replay of the call for bondholders “will be made available shortly after the call via a link or by other means, as posted on EMMA.”