College Of New Rochelle 'On Track' To Meet Budget Goal

NEW ROCHELLE, NY — Enrollment is on track to meet the College of New Rochelle’s budgeted goal and residence halls are close to full capacity. Interim President Dorothy A. Escribano calls those two signs “very positive.” She posted on the CNR website an update to the college community on things that have been happening at the college over the last year.

“We have stabilized our finances, reduced our expenses, increased our donor funding support, completely restructured our business and financial control offices and developed and implemented a clear path forward,” she said. (For more information on this and other neighborhood stories, subscribe to Patch to receive daily newsletters and breaking news alerts.)

Escribano said it was difficult to imagine that less than a year ago the college was facing a life-threatening financial crisis.

“The scope and depth of the problems left even the most optimistic among us wondering if our 113-year-old school could find a way to survive,” she said.

In August 2016, the Board of Trustees were informed of significant unmet financial obligations that had occurred over a period of at least three years.

The problems were discovered after CNR’s controller retired and vendors began to seek payment for outstanding obligations.

Also discovered were unpaid monies to federal and state taxing authorities.

Judith Huntington resigned as president the weekend of Oct. 15, and Escribano was made interim president.

Preliminary inquiries found that about $20 million in payroll taxes were not paid for eight quarters, beginning in 2014.

In December, the “We Are CNR” fundraising campaign, which was launched to ensure the college’s future, saw an anonymous donation of $5 million added to another $1.5 million in donations.

“While more had work remains to be done, we are very hopeful that the steps that we have taken have us on the road to long-term stability,” Escribano said.

Patch file photo.