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Dive Brief:
Limestone University, in South Carolina, will close when its current semester ends this week after last-ditch fundraising efforts came up short, the Christian institution announced Tuesday.
The university’s trustee board voted to permanently shutter Limestone despite raising $2.1 million from almost 200 donors in the last two weeks. The board previously said Limestone would need $6 million to stabilize operations.
“In the final analysis, we could not continue operations on-campus or online without a greater amount of funding,” board Chair Randall Richardson said in a Thursday statement.
Dive Insight:
Limestone ended last week on a hopeful note, with Richardson describing the board as “cautiously optimistic.”
At the time, the board announced a potential financial “lifeline.” This came shortly after revealing a fiscal crisis that might force the university to shutter or move to online-only operations.
Days after revealing the possible “lifeline,” Limestone launched a public fundraising blitz and received an unrestricted gift of $1 million from the Fullerton Foundation, a local nonprofit with which it has a long relationship.
“One of the largest in Limestone’s recent history, the transformative donation comes at a pivotal time as the institution rallies to secure critical funding that will help sustain its mission of providing life-changing educational opportunities,” the university said in the Fullerton announcement.
But even for a small university, the multimillion dollar campaign wasn’t enough to sustain Limestone.
Founded in 1845, Limestone’s enrollment has declined in recent years, with fall headcount dipping 27% to 1,782 students between 2018 and 2023, according to federal data. Current enrollment stands at about 1,600 students, the university said last week.
The university’s board has blamed those drops, as well as rising costs, for its financial travails. For fiscal 2024, it logged a budget deficit of $9.2 million, following an $11.4 million shortfall in 2023.
As it prepares to close, the university has promised an “orderly wind-down process” and said it will help students transfer to other institutions.
“More detailed information about the closure timeline, academic records, transfer assistance, employment impact, and other support services will be provided in the coming days,” it said.
Limestone plans to hold its commencement ceremony on Saturday for those students graduating at the end of the term, 246 in all.
“Our Limestone spirit will endure through the lives of our students and alumni who carry it forward into the world,” Richardson said. “Though our doors may close, the impact of Limestone University will live on.”
