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‘We’re deeply dissapointed’ Future of Caz town of cazenovia
Financial problems drive Caz College’s closing announcement
College campus discussed By Kate Hill Staff Writer
On Dec. 7, Cazenovia College announced that it will not be enrolling students for the Fall 2023 semester.
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Pictured above is the Cazenovia College quad in the 1900s. Below, students line up on the college’s athletic field. By kate Hill Staff Writer On Wednesday, Dec. 7, the Cazenovia College Board of Trustees announced its decision to permanently close the college following the spring 2023 semester due to financial concerns. Founded in 1824, Cazenovia College is the eightholdest private, independent college in New York State and the 28th-oldest independent college/university in the United States. In a Dec. 7 press release announcing its decision, the college said it will finish out the fall 2022 semester as scheduled and continue to be fully operational through the spring, holding classes and events, including athletics and other normally scheduled activities. During the spring semester, the college also intends to assist students with their transferring plans and provide additional supportive services such as counseling. “We’re deeply disappointed that it has come to this,” said Ken Gardiner, chair of the Cazenovia Col-
lege Board of Trustees, in the press release. “Considerable time and effort have been spent on improving the college’s financial position over the past several years. Unfortunately, the headwinds and market conditions were insurmountable, leading to a projected deficit of several million dollars for next year. As a result, the college won’t have the funds necessary to be open and continue operations for fall 2023 and beyond. Our plan is to be open for the spring 2023 semester during which faculty and staff will work with students to help them transfer to another college for the fall.” As of Dec. 7, the college had entered into teach-out transfer agreements with the following higher education institutions that will provide pathways for students to continue their studies beginning with the fall 2023 semester and will assist students with their transitions: Daemen University, Elmira College, Excelsior University, Hilbert College, Keuka College, LeMoyne College, Mercy College, State University of New York College
at Oneonta, Utica University, and Wells College. Additional institutions will be added as agreements are finalized. According to the college, the “business realities” that led to the decision to close were accelerated by the global pandemic, “skyrocketing” inflation, and a shrinking population of college-aged individuals that makes it hard for small private colleges to maintain enrollment levels. Since its peak with nearly 1,000 full-time students on
campus for the 2014-2015 academic year, the college’s enrollment has dropped by over 40 percent. The college explained that the pandemic impacted the institution’s recruitment and fundraising efforts while increasing its economic burdens. In response to the pandemic, large investments were made in technology and campus safety measures as enrollment dropped due to students choosing to postpone college or take a leave of absence. Additionally, the college
said, recent uncertainty in the bond and stock markets made it particularly difficult to refinance the college’s bond debt, which came due in September. The college defaulted on a $24.92 million bond payment in September after an unsuccessful attempt to refinance it with a long-term loan. The college borrowed the money in 2019. “Being a small college without a large endowment has made the college’s challenges formidable,” said Cazenovia College President David Bergh in the press release. “We have worked tirelessly to strengthen the financial position of the college through fundraising campaigns, adding graduate offerings, streamlining transfer pathways, and exploring alternative options. Unfortunately, these efforts did not create results to ensure long-term viability for the college.” Bergh added that the campus community is a family and that this is an extremely difficult time for everyone, but the college Caz College l Page 13
During the Dec. 12 Cazenovia Town Board meeting, Supervisor Bill Zupan reported on a group discussion held the previous Friday regarding the future of the community without its nearly 200-year-old college. On Dec. 7, the Cazenovia College Board of Trustees announced its decision to permanently close the college following the spring 2023 semester due to financial difficulties. According to the college, the financial challenges facing the institution have included a shrinking population of collegeaged individuals; skyrocketing inflation; decreased enrollment and increased expenditures during the global pandemic; and recent uncertainty in the bond and stock markets, which made it exceedingly difficult to refinance the college’s bond debt, which came due in September. Two days after the closing was announced, a group of local leaders convened to begin working towards the goal of developing a clear vision for what post-Cazenovia College use(s) of the campus will have the greatest long-term impact on the community. Zupan said that among those in attendance were Village Mayor Kurt Wheeler, Cazenovia College President David Bergh, Cazenovia College Chief Financial Officer William Veit, Town Councilor Kyle Reger, Village Planning Board Chair Rich Huftalen, and former Cazenovia Public Library Director Betsy Kennedy, and some stakeholders. “Everybody was just trying to put their heads together to see what ideas we could come up with,” said Zupan. According to Wheeler, who organized the meeting, the group hopes to develop holistic ideas for the campus that will offer the bondholders a better return than a “fire sale” of piecemeal assets that won’t replace the college’s economic and social impact on the community. Wheeler said the group also discussed the fact that some parts of the overall campus that are separate from the core, like the equine center, the athletic complex, and the Jephson Campus, may not be needed for the optimum future use of the campus. He added that as those determinations are made, the group can play a role in identifying the best uses for those peripheral assets as well. “The essential element is Town
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Volume 213, Number 50 The Cazenovia Republican is published weekly by Eagle News. Office of Publication: 35 Albany St., Second Floor, Cazenovia, NY 13035. Periodical Postage Paid at Cazenovia, NY 13035, USPS 095-260. POSTMASTER: Send change of address to Cazenovia Republican, 2501 James St., Suite 100, Syracuse, NY 13206.
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sports news: Cazenovia boys basketball earns first wins of season.
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calendar �������������������� 5
Obituaries ���������������� 12
Editorial ��������������������� 6
PennySaver ���������������� 8
letters ������������������������ 6
Sports ����������������������� 11