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Diving overview:
- Northland College Raised over $1 million From over 550 donors Trying to prevent a shutdown. Those figures do not include “funds raised through other appeals,” according to a Monday update from the board.
- The University of Wisconsin announced the following in March: $12 million goal men new endowment funds to sustain it. Early last week, the university's board of trustees said: “There is a long way to go” We're moving toward our important fundraising goals.
- The board plans to update stakeholders on the status of its efforts on Thursday. Along with fundraising, the board has met with other organizations about potential partnership opportunities. We also explored other financing options, including loans and government assistance at the state and federal levels.
Dive Insights:
Northland has set a spring deadline for its life-threatening fundraising effort. So current and future students can plan for the year ahead. Officials have made it clear that if the $12 million goal is not met, the institution will likely close.
Their decision comes after a financial review, which ended in February, found the university did not have the funds to continue operating.
According to Northland's most recent tax form: $3.2 million deficit In fiscal year 2021. Revenues were also nearly $700,000 short of the previous year's expenses.
“The reality is that Northland has long struggled to find a sustainable solution, despite aggressively exploring options,” the university said on its web page. fundraising drive. “Northland is not alone in this fight. “Colleges across the country, especially private institutions, are facing enormous financial burdens.”
Funds raised toward the $12 million goal will support operations through the next school year and Northland will seek to reinvent its model to make it financially sustainable, the board said. Announcement in March.
The board called this an “important week” in Monday's announcement. The deadline is April 3rd and ends at midnight that day. — Loom.
“We also recognize the anxiety and uncertainty many people are experiencing at this time,” the board said.
They also noted an outpouring of support and ideas from faculty, students and alumni to help the university. The board planned to consider those proposals at its meeting Monday. The board said it is also considering proposals regarding enrollment limits, the role of institutes and centers, and different uses of campus facilities, such as housing.
Established in 1892 By members of the United Church of Christ, Today, universities are selling environmental and sustainability programs. Accredited by the Higher Education Commission.
Northland is not the first university to try to raise money to emerge from the financial crisis. It was difficult, but we did it.
For example, Hampshire College in Massachusetts set a $60 million endowment goal while it was on the brink of closure. I survivedIn the process, transforming programs and approaches to higher education.