Wells College to Close Its Doors in Spring 2024 Due to Financial Challenges

Wells College will shut down in spring 2024, facing severe financial difficulties. Details on the closure and its impacts inside.

Wells College, a small liberal arts college in Aurora, New York, announced on Monday that it will close at the end of the spring 2024 academic semester. The college, founded in 1868 and initially established as a women’s college, cited financial challenges as the primary reason for its closure. In a letter released by the college’s board chair, Marie Chapman Carroll, and president, Jonathan Gibralter, the college stated that it does not have adequate financial resources to continue operating.

Financial Challenges and Efforts to Raise Revenue

The letter cited several factors contributing to the college’s financial difficulties, including the global pandemic, declining enrollment, inflationary pressures, and negative sentiment towards higher education. Despite efforts by the board and college leaders to find creative solutions and raise revenues through strategic plans, fundraising campaigns, and new programs, the projected revenues are insufficient for the college’s long-term financial stability.

The closure will impact most staff and faculty, with departure dates to be communicated to them as the college winds down operations. The college has sufficient financial resources to meet payroll obligations for retained individuals and aims to handle the process as humanely and respectfully as possible.

Teach-Out Partnerships and Legacy Preservation

To ensure that current students can complete their undergraduate education, Wells College has partnered with Manhattanville University as its preferred teach-out partner. Manhattanville will provide dedicated housing for Wells students and support their transfer plans. Additional teach-out partners include Excelsior University, Hobart and William Smith Colleges, Keuka College, Le Moyne College, Mercy University, and SUNY Brockport.

Manhattanville University will also serve as a legacy institution partner, housing various materials and records for Wells College after the campus closes. The future of the campus itself is currently being considered, with the Board collaborating with local authorities and associations to make informed decisions.

Final Semester and Commencement

Faculty are being asked to be generous with grading and academic sanctions this semester, and the 156th commencement ceremony will take place as scheduled on May 18th at Macmillan Hall.

The closure of Wells College follows similar announcements by Cazenovia College in 2022 and Goddard College earlier this month, highlighting the financial challenges many small colleges face nationwide. The college’s administration is working to support and counsel students during this difficult time.