King’s College, on the brink of closure, still fundraising to stay alive
- King’s Faculty, a Christian liberal arts school in New York Metropolis, has solely raised about $500,000 of the $2.6 million it says it needs to stave off closure.
- The establishment, often known as a conservative hub, has been publicly pleading with alumni and donors the previous couple of months for funds to assist it survive previous this tutorial 12 months.
- King’s Faculty officers have attributed the establishment’s monetary misery to its sluggish post-pandemic restoration, in addition to usually poor financial situations and rising rates of interest. A King’s Faculty spokesperson didn’t reply to a request for remark Monday on essentially the most up-to-date fundraising targets.
King’s Faculty has shed a lot of its college students lately. It enrolled greater than 600 previous to the pandemic, however fell to 384 undergraduate college students in fall 2021, in accordance with essentially the most recently available federal data.
The enrollment decline appeared to clinch its closure. However the school discovered monetary salvation, a minimum of quickly, after billionaire Peter Chung supplied a $2 million, interest-free loan to get it via the spring 2023 semester.
Chung is chief govt of the Canadian-based Primacorp Ventures Inc., which King’s College hired to start out an array of on-line programming. Critics say the partnership with Primacorp contributed to the faculty’s decline and that the web packages have been too formidable to launch efficiently.
The $2 million mortgage for the faculty has been described as bridge funding. The faculty has not listed a deadline for its fundraiser.