CAZENOVIA, N.Y. — Cazenovia College announced Wednesday it will shutter at the end of the 2022-2023 academic year due to financial problems.
“We’re deeply disappointed that it has come to this,” Cazenovia College Board of Trustees Chair Ken Gardiner said in a 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.”
The result, he said, is the college won’t have the funds needed to open next fall and continue operations.
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“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,” Gardiner continued. To date, the college has agreements with Daemen University, Elmira College, Excelsior University, Hilbert College, Keuka College, Le Moyne College, SUNY Oneonta, Utica University, and Wells College to provide pathways for students to continue their studies.
In its news release, the college said business realities accelerated by the COVID-19 pandemic and inflation, combined with the declining number of college-aged individuals in the region, forced its planned closure. Since its peak enrollment of nearly 1,000 students on campus, the number of Cazenovia College students has since declined substantially. According to the college’s website, its current enrollment is 746 full-and part-time students with a tuition rate is $290 per credit hour.
The pandemic also impacted both recruitment and fundraising efforts while increasing economic burdens for the college. Cazenovia College said it made large investments in technology and campus-safety measures, all while enrollment dropped as students chose to postpone college or take a leave of absence, which also contributed negatively to the college’s financial situation.
Cazenovia College President David Bergh also cited uncertainty in the bond and stock markets that made it difficult for the college to refinance bond debt that came due in September.
“Being a small college without a large endowment has made the college’s challenges formidable,” he said. “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.”
Cazenovia College reportedly defaulted on a $25 million bond payment in September and was working to come to a refinancing agreement with bondholders, according to an Oct. 17 article on the website Higher Ed Dive.
The college contends it will complete the current semester as scheduled and will be fully operational in the spring with classes and events including athletics and other normally scheduled activities.
“We really are a family on this campus,” Bergh said. “It is an extremely difficult time for all of us, but we remain committed to students, faculty, staff, and alumni.”
The closure announcement comes just shy of the college’s 200th anniversary. The college, established in 1824 as Genesee Seminary, became Cazenovia Junior College in 1942 and Cazenovia College for Women in 1961. In 1982, it returned to being co-educational and assumed the Cazenovia College name. It began granting bachelor’s degrees in 1988 and offered its first graduate-degree program in 2019.
