Bloomfield College Finds Key Financial Ally In Montclair State

ESSEX COUNTY, NJ — The only four-year Minority Serving Institution in New Jersey just got a crucial financial lifeline from a neighboring university in Essex County.

On Wednesday, Montclair State University's board of trustees authorized MSU to provide financial support to Bloomfield College if it needs emergency funding to stay open for the 2022-23 academic year.

The partnership is a big one for Bloomfield College, the state’s only four-year Predominantly Black Institution (PBI), Hispanic-Serving Institution (HSI) and Minority Serving Institution (MSI). In October 2021, the college announced that it was having crisis-level financial woes, which were stretched to the breaking point during the coronavirus pandemic.

According to administrators, the 153-year-old college has been seeing a decade-long decline in enrollment – a serious problem because tuition is its primary source of revenue. Bloomfield College isn't alone; many small, private liberal arts colleges in the Northeast and across the country have been facing similar challenges.

• Read More: Bloomfield College Facing Grim Future Without Financial Aid
• Read More: Bloomfield College Gets $3M Grant To Educate Black Students

Last fall, Bloomfield College announced that it was seeking a partner institution that it could work with to form a “strategic relationship” to ensure it could continue to carry out its long-term mission: providing students from underrepresented communities with the education they need for social and economic mobility.

Montclair State University was happy to step up to the plate, administrators said.

In December, the presidents of both institutions signed a non-binding letter of intent to pursue a permanent relationship, such as a merger or an affiliation, if they can reach “mutually agreeable terms.”

In the meanwhile, Bloomfield College will be able to depend on MSU if things get desperate, administrators said. According to a news release from Montclair State:

“In order to allow the parties to formalize a permanent relationship that supports Bloomfield College's mission and ensures that the Bloomfield legacy and name will continue, the Montclair State University board has authorized Montclair's president and interim vice president for finance and treasurer to finalize and execute an interim financial support agreement that will enable Bloomfield to fully support its students through the 2022-2023 academic year. Specifically, the agreement will allow the university to furnish Bloomfield with a source of additional funds, if needed, to ensure that the college can complete the 2022-23 academic year … The board of trustees of Bloomfield College has also authorized its president and interim vice president of finance and administration to finalize and execute the interim financial support agreement.”

Any loans made under the agreement will be secured by a lien on real estate owned by the college, administrators said.

The level of support needed from Montclair State may be reduced, thanks to a $5 million allocation in Gov. Phil Murphy's detailed state budget proposal, administrators said.

The partnership got strong statements of support from officials at both colleges. They included:

Montclair State University President Jonathan GS Koppell – “The missions of both institutions are closely aligned. We are both committed to providing access to high-quality educational experiences to students who are often marginalized. So this response to financial adversity is borne of the conviction that together, we can make an even greater impact on the communities we serve. This is what it means to be New Jersey's premier public service university: turning challenge into opportunity through collaboration and innovation. I look forward to working closely with President Evans to craft a strategic relationship that could serve as a national model of innovation.”

Bloomfield President Marcheta P. Evans – “We are grateful to the Montclair State University Board of Trustees for taking this important step. Montclair officials, including President Koppell, toured the Bloomfield campus several times and were impressed by our students, faculty and staff as well as by our programs and facilities. Most importantly, Montclair shares our commitment to students from historically underserved populations that is our core mission.”

Montclair's Board Chair Francis Cuss – “We are committed to working together to build a relationship that would advance the missions of both institutions and create opportunities for the students and communities that we serve. The funding agreement the trustees approved today will be a line of credit that the college can draw upon, should it be necessary, while the details of a permanent relationship are explored.”

Bloomfield's Board Chair Vernon M. Endo – “A future relationship would build upon the strengths of both institutions and enhance academic and other opportunities for current and future students at both campuses.”

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