ANCHORAGE Alaska
A 130-year-old college in Sitka is suspending academic operations for one year because it is about $6 million in debt, a choice made by its Board of Trustees.
Sheldon Jackson College, a Presbyterian school on Baranof Island, plans to consult with state government, community and educational leaders to figure out how regain solvency, according to a statement released by the school on Friday.
“Sheldon Jackson is not closing, but it is no secret that we are asset rich and cash poor,” said College President David Dobler. “We simply do not have the cash to sustain Sheldon Jackson College in its current form.”
He noted that the school has an insured value of more than $35 million, plus dozens of acres of undeveloped real estate in Sitka.
Dobler said the trustees believe the four-year liberal arts college cannot restructure itself financially while continuing to operate.
He has told the college’s 100 faculty and staff members that June 30 will be their last day of work.
