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The Northland College Board of Trustees on April 4 voted to declare financial exigency, setting off a process designed to provide a final, good faith effort to save Northland College.<\/p>\nThe Northland College Board of Trustees on April 4 voted to declare financial exigency, setting off a process designed to provide a final, good faith effort to save Northland College.<\/p>\n
The decision comes after a March 11 fundraising appeal to raise $12 million dollars by April 3 to avoid closure and instead continue programs and operations beyond this academic year.<\/p>\n
Northland boasts both men’s and women’s Division III hockey teams.<\/p>\n
The appeal raised nearly $1.5 million from over 900 donations when it ended at midnight on April 3 – a record for the College.<\/p>\n
\u201cThe Board has been inspired by the extraordinary effort and generosity over the past few weeks,\u201d said Ted Bristol, chair of the Northland College Board of Trustees, in a statement. \u201cAs we\u2019ve said from the start, our shared goal is to continue Northland\u2019s mission and we are committed to ensuring we\u2019ve explored all options to do so. The Board remains open and hopeful.<\/p>\n
“However, I also want to caution that Northland\u2019s circumstances remain incredibly serious and significant progress will be needed in the next two weeks to avoid closure.\u201d<\/p>\n
Financial exigency is a formal recognition by the Board that the College is facing a serious financial crisis that requires immediate attention and resolution. It is the start of a defined process to explore program, staffing and budget adjustments to preserve the institution\u2019s long-term viability.<\/p>\n
The Board has set a timeline for this process to be implemented and will meet to make a final decision about the College\u2019s future in two weeks. As part of the Board\u2019s motion, the financial exigency process will focus on three key areas in the coming weeks:<\/p>\n
— Collaboration to further refine a new structure for the College
\n— Further exploration of current and possible future budget options and adjustments
\n— Additional donor engagement<\/p>\n
\u201cThere have been positive and productive conversations taking place among the Board, leadership, faculty and campus groups, as well as the community,\u201d said Chad Dayton, Northland College President. \u201cWe are listening and agree that additional time and a defined process are valuable next steps. Financial exigency provides that but also will require crucial conversations and difficult decisions.\u201d<\/p>\n
The College intends to continue this academic year as planned with no immediate changes to programs or services.<\/p>\n
\u201cWhile I expect this will be welcome news to many of our campus community, I want to acknowledge this extends the uncertainty for students and others who are waiting for a firm decision in order to plan their future which is why our original deadline was April 3,\u201d said Dayton. \u201cWe will continue to provide support to help them and understand that this extended timeline may mean current and prospective students \u2013 as well as faculty and staff \u2013 need to make individual decisions sooner.\u201d<\/p>\n
In the weeks since the March 11 announcement, everyone in the Northland community\u2014students, faculty, staff, alumni, partners, donors, friends and the Ashland and surrounding communities\u2014has stepped up to support the College by raising funds, sharing stories, and collaborating to develop proposals for a more sustainable future model.<\/p>\n
\u201cI\u2019m so proud of how our community stepped up, took action and used its energy for good,\u201d said Dayton. \u201cWe would love to see some elements of the proposals come to life, but it must be financially feasible for the long-term.\u201d<\/p>\n
The Board of Trustees will be following up with various faculty, campus and community groups in the coming days to refine a new structure, explore budget options and adjustments and determine additional funding possibilities.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Northland College Board of Trustees on April 4 voted to declare financial exigency, setting off a process designed to provide a final, good faith effort to save Northland College. The decision comes after a March 11 fundraising appeal to raise $12 million dollars by April 3 to avoid closure and instead continue programs and […]<\/p>\n","protected":false},"author":120,"featured_media":147140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[820,825],"coauthors":[901],"acf":[],"yoast_head":"\n