COLUMBUS Ohio
Trustees overseeing Antioch College said Saturday they have reversed an earlier decision and will keep the school open.
The reversal is contingent on whether alumni and the school can meet fundraising goals over the next three years, board chairman Art Zucker said.
Antioch, which is known for its pioneering academic programs, will close some buildings and dormitories, and will downsize the faculty to meet budget constraints, he said.
Because of the school’s small endowment and funding shortage, the declaration of financial exigency made by the board in June remains in effect, a college statement said. The declaration is a formal statement made by an institution that is facing an imminent financial crisis.
Alumni and school officials must raise $6.6 million in cash by Dec. 15, another $12 million by May 2008, an additional $26 million by June 2009 and an additional $19 million by June 2010, Zucker said.
The school will continue offering credits to current students, and the next class of graduates will receive degrees, pending the approval of academic accreditation boards, Zucker said.
