A 180-year-old private university in South Carolina has announced its shutdown following an unsuccessful $6M fundraising campaign.
Heads Up: It's Shutting Down!
📍GAFFNEY, SC - After a whopping 180 years, a private Christian university in South Carolina is throwing in the towel at the end of this semester. Falling $4 million short of the essential $6 million to keep its doors open, Limestone University will be closing its Gaffney campus and online programs.
Limestone's officials, after an intense fundraising crusade, managed to gather just over $2 million, leaving them with no other choice but to shut down. Their enrollment has dropped drastically over the past decade, shedding about half its student body.
Randall Richardson, chair of Limestone University's trustees, shared his sentiments, "Our Limestone spirit shall outlive us through the lives of our students and alumni, spreading positive impact across the globe, though our physical institution might fade."
The university took the community by surprise with its sudden announcement in April, highlighting a dire financial situation that demanded an immediate $6 million influx. Over 200 generous donors contributed about $2.1 million, but it wasn't enough to save the day. The university has promised to return these donations.
Being a private institution, South Carolina lawmakers opted out of intervening in the situation.
Closures of private colleges and universities like Limestone are becoming increasingly common in recent years. They're grappling with steep declines in enrollments, which can be attributed to changing demographics and the impact of the COVID-19 pandemic.
From approximately 3,200 students in 2014, Limestone University's enrollment shrunk to roughly 1,600 students, as per state higher education data. The university has promised to help students transfer to other institutions.
The closure will undoubtedly leave several hundred staff members in the city of Gaffney, home to about 12,500 people on Interstate 85 between Charlotte, North Carolina, and Spartanburg, South Carolina, short of employment.
A group of around 50 students gathered outside the trustees' meeting location on Tuesday night, hugging as they received an email announcing the university's closure.
Daniel Deneen Jr. of Myrtle Beach, a former football player of Limestone, shared his shock at having to revise his education plans, "When we learned the university had debts totaling $30 million, we all wondered how they would dig themselves out. These past two weeks have been incredibly stressful, with finals looming this week."
Limestone University, founded in 1845, will host its final commencement on Saturday. It's not the only college in the region to announce its closure this month; St. Andrews University in Laurinburg, North Carolina, will shut down on May 22, marking the end of its spring semester. This branch campus of Webber International University will vacate its premises.
- The announcement of Limestone University's closure has sparked discussions in the world of education-and-self-development, with many expressing concern about the growing number of closures among private universities.
- Amidst the general-news coverage of Limestone University's impending closure, the media has highlighted the impact on Gaffney's community, not only in terms of education but also the potential job losses for hundreds of staff members.
