Documents Show College Of New Rochelle Was Set To Close Before Turn Around

NEW ROCHELLE, NY — A month after the financial crisis was revealed at the College of New Rochelle and its president stepped down in October, college officials received a “Guidebook for Institutional Closure” from the state Education Department.

According to documents obtained by the Journal News, closure of the 112-year-old college was hours away from happening and it was making plans to have other institutions take over its students and handle records of student data.

Since that time there have been budget cuts and staff layoff, as well as anonymous pledge of $5 million and the Journal News said the documents show that it’s possible the college could see a surplus in coming years.

Judith Huntington resigned as president the weekend of Oct. 15, with Provost and Senior Vice President for Academic Affairs Dorothy Escribano was made interim president.

“Unmet financial obligations” were uncovered and had accrued over a period of time. That information was presented to the trustees.

A chief restructuring officer was hired, as were a forensic accountant and outside law firm.

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.

For more details, read the complete Journal News article, with reporting by Colleen Wilson and Mark Lungariello by clicking here.