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Diving overview:
- that much The California Institute of the Arts will become the parent institution of the Vermont College of Fine Arts under a recently signed agreement between the two private, nonprofit organizations. VCFA made the announcement Tuesday..
- Under this transaction, VCFA will become a wholly owned subsidiary of CalArts.. A CalArts spokesperson said on behalf of both institutions that the two institutions will remain academically separate, with their own accreditation, boards of directors, faculty, degree programs and academic standards.
- Like many other small colleges, VCFA has seen declining enrollment over the past few years and frequently runs annual deficits. The organization said it wanted to partner with CalArts because of the “extensive and committed resources” it can provide.
Dive Insights:
VCFA, It is a low-residency graduate institution and offers six Master of Fine Arts degrees. Students study virtually for most of the semester, except for a nine-day residency held twice a year.
Meanwhile, CalArts offers more than 70 degree programs at both the undergraduate and graduate levels.
In announcing the deal, VCFA noted that independent graduate schools are rare, especially in the arts.
“Providing top-quality learning experiences is expensive, and for an institution that prides itself on serving a diverse population, the challenges of accessibility and affordability have proven to be enormous,” the university said.
VCFA recorded a revenue surplus of approximately $175,000 in fiscal 2022; It had had losses for the previous six years, according to tax documents. Student enrollment also took a hit, declining from 388 in fall 2017 to 305 in fall 2022. decreased by 21.4%.
“Many schools facing similar situations simply closed, but VCFA was too important and too special to give up,” the agency said.
VCFA said it will benefit from CalArts' campus and facilities, as well as expanded administrative and student support services “that only a large institution can provide.” CalArts It has significantly more students than VCFA, with 1,440 students enrolled for fall 2022.
“CalArts’ respected legacy and commitment to innovation make them the perfect partner as we embark on this innovative journey together,” said VCFA Interim President Andrew Ramsammy.
The deal goes where the VCFA resides.
The institution previously announced it would end its residency on the Vermont campus and move to Susquehanna University and Colorado College in Pennsylvania. This also sold most buildingsThe Bridge reported in January.
This July's summer residency will be held at Colorado College as planned, with the program moving to CalArts in January 2025.
A CalArts spokesperson said the new relationship will allow the two universities to gain expertise from each other, expand market reach and create opportunities for students and staff to collaborate.
CalArts also expects the deal to bring operational efficiencies through shared services and help increase enrollment. In part, this is because they offer permanent residences that are easily accessible by air.
“The partnership between our schools will strengthen both institutions and allow us to continue to expand the range of academic opportunities and creative collaborations available to artists,” CalArts President Ravi Rajan said in a statement.
He also said both institutions share similar missions, including a commitment to equity in arts education.
CalArts will provide some contract services to VCFA for a fee, the spokeswoman said.
Under the transaction, the CalArts board of directors will elect eight of the VCFA board members. The VCFA board of directors will select the remaining seven companies, according to a spokesperson. CalArts You won't see any changes on your own board.
The universities expect the deal to close in July. A CalArts spokeswoman said officials are seeking approval from both institutions' accrediting bodies and the U.S. Department of Education. It is also awaiting board approval.
The agreement was announced just months after Ramsammy. told Seven DaysLocal newspapers reported that VCFA was looking for a buyer or partner.
VCFA told students Tuesday that the deal will not affect program costs or student financial aid availability. The institution will continue to receive accreditation from the New England Commission on Higher Education. It is headquartered in Montpelier, Vermont.