After failing to raise $6 million to maintain its operations, a 180-year-old private Christian institution in South Carolina is set to close at the conclusion of the current semester.
After two weeks of intense fundraising and other measures, Limestone University administrators stated they were only able to raise little more than $2 million and were forced to shut down both its online and Gaffney campus.
Over the previous ten years, the school’s enrollment had dropped by around half.
“Our Limestone spirit will endure through the lives of our students and alumni who carry it forward into the world,” Randall Richardson, chair of Limestone University’s trustees stated. “Though our doors may close, the impact of Limestone University will live on.”
When the institution unexpectedly revealed earlier in April that it was in such dire financial health that it would have to close without an urgent infusion of $6 million, it shocked its students, alumni, and community.
Although more than 200 donors contributed roughly $2.1 million, it was insufficient. The donations will be reimbursed, according to the institution.
Since Limestone University is a private university, South Carolina lawmakers chose not to intervene.
In recent years, dozens of private institutions and colleges, including Limestone, have shut down. They are dealing with sharp enrollment drops brought on by the COVID-19 pandemic’s effects as well as shifting demographics.
According to state higher education data, the number of students enrolled at Limestone University, both in-person and online, has decreased from approximately 3,200 in 2014 to approximately 1,600. Helping students transfer to other institutions was a pledge made by Limestone University.
Additionally, Gaffney, a city of roughly 12,500 people on Interstate 85 between Charlotte, North Carolina, and Spartanburg, South Carolina, may lose several hundred professors and other personnel due to the shutdown.
Approximately fifty students gathered outside the trustees’ meeting on Tuesday night, where they hugged each other after receiving the email announcing the university’s closure.
Myrtle Beach resident Daniel Deneen Jr., a football player for Limestone, was shocked to learn that his educational goals would need to be altered.
“When we found out the school had $30 million in debt, we all wondered how they were going to get out of it. The last two weeks have been very stressful with finals coming up this week,” Deneen stated.
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On Saturday, Limestone University, which was established in 1845, will have its last commencement. The announcement of Limestone’s closure this month is not unique to the area.
After the spring semester, St. Andrews University, located in Laurinburg, North Carolina, roughly 150 miles distant, will close on Sunday. The institution is a Webber International University branch campus.
