College of New Rochelle Facing Financial Crisis, President Steps Down

NEW ROCHELLE, NY — Judith Huntington stepped down as president of The College of New Rochelle over the weekend during an investigation into “unmet financial obligations” that could threaten the existence of the school.

A statement posted on the college’s website by Board of Trustees Board Chairwoman Gwen Adolph said the trustees have named Provost and Senior Vice President for Academic Affairs Dorothy Escribano as interim president.

Kevin Cavanagh, the college’s vice president of enrollment management, will serve as executive vice president of strategy and planning.

Adolph said the trustees were advised around the beginning of the school year that significant unmet financial obligations had accrued over a period of time.

She said the trustees immediately appointed a Special Committee of Trustees to oversee an investigation into the matter.

They also hired a chief restructuring officer to restructure and manage the college’s finances. A forensic accountant and outside law firm were hired to do the actual investigation.

The Journal News reported the Philadelphia-based law firm of Pepper Hamilton is doing the investigation.

“We are examining all of our options as we work to meet the financial challenges and protect the interests of our students and the CNR community,” Adolph said. “We anticipate providing more details regarding this matter when the investigation is complete.”

A list of frequently asked questions provided some explanation of the problem.

The “unmet financial obligations” came to light after the college’s comptroller retired at the end of the last school year.

One question is why they were not discovered by routine outside audits of the college’s financial statements.

Huntington was promoted to president in 2011 after having served as financial affairs vice president.

The FAQ said the trustees are exploring all options to make certain the college’s operations are not disrupted and the student financial aid is protected.

Trustees are in the process of making budget cuts that “likely will include cutbacks both among staff and faculty.”

The college is also considering a Declaration of Exigency, which means the imminent financial crisis threatens the survival of the institution.

Updates to the FAQ will be made as more information becomes available, the college said.

The College of New Rochelle’s main campus is in New Rochelle. It has other campuses in Brooklyn, the Bronx, South Bronx, Manhattan and Harlem.

The school was originally founded in 1904 as the College of St. Angela, which was the first Catholic college for women in the state.

Its name was changed to The College of New Rochelle in 1910.

The undergraduate program remained just for women until it became co-ed in September 2016.

The Journal News article can be found here.

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