Vermont College Feels the Bern...

[99 pewtercoupe]

School Once Run by Jane Sanders Plans to Close After Expansion Fails - WSJ

Burlington College, a tiny Vermont liberal arts school once led by Jane Sanders, the wife of presidential candidate Bernie Sanders, said it is shutting down because of financial problems associated with a property acquisition she oversaw.
In a formal statement announcing its closure, the school cited the “crushing weight” of debt it took on in a 2010 purchase of more than 30 acres from the local Catholic archdiocese. Mrs. Sanders was the college’s president at the time of the $10 million deal.

The college had financial challenges before Mrs. Sanders took the helm. In her seven years there, she attempted an ambitious expansion of the school’s physical footprint and 200-student body. But the major investment didn’t bear fruit in terms of drawing more students and bringing in higher tuition revenue, and the school’s financial health has remained fragile since. She resigned in 2011.

Mrs. Sanders was set to receive total severance of $200,785 between October 2011 and October 2013, according to tax documents the school filed for its fiscal 2012 year.

An attempt to reach Mrs. Sanders through the Sanders campaign wasn’t immediately answered.

Mrs. Sanders received her undergraduate degree in social work from Goddard College in Plainfield, Vt., and briefly served as interim president there in the 1990s. She has worked as a political consultant and is considered to be one of Mr. Sanders’s closest advisers.

Many smaller colleges are facing bleak fiscal futures, with many forced to offer significant scholarships to woo students but barely breaking even on what tuition revenue they bring in, as expenses continue to rise. The National Association of College and University Business Officers reported Monday that the discount rate for freshmen at private colleges this year hit a record 48.6%, meaning students pay just over 50 cents on every dollar of published tuition.

Burlington said Monday that it has cut its debt to a “manageable level” through property sales, but learned last month that its lender wouldn’t renew a credit line, which is needed to cover costs between semesters.

Burlington’s accreditor, the New England Association of Schools and Colleges, placed it on probation in 2014 because of financial concerns. It is allowed to remain on probation for only two years.

“These hurdles are insurmountable at this time,” the school said.

Burlington’s board of trustees voted Friday to close its programs effective May 27. The school held its commencement ceremony for the class of 2016 on Saturday.

Current students will be able to complete their studies at nearby colleges, Burlington said.

“I thought it was going to happen for some time,” said Barry Snyder, an adjunct professor at Burlington and former chair of the film and media department. “It’s a very, very, very small college without an endowment.”

Mr. Snyder, who also runs the Burlington Film Society, said he had heard closure was likely about a month ago, due to the school’s conversations with the accreditor.

“It’s terrible to lose an institution of this sort. It was a very special place,” he said. “It did a lot of good for students who didn’t fit at other institutions.”

[Olustee bus]

“It’s terrible to lose an institution of this sort. It was a very special place,” he said. “It did a lot of good for students who didn’t fit at other institutions.”

Didn't fit at other Institutions?

Why the hell not. Was Obama contacted at all? He would have made em fit!

[Giraffe (He/Him)]

Hillary and I have a big night planned. I'm gonna sit back and watch her suck the filling outta Twinkies.

[snide]

Well that explains part of Bernie's agenda.

[Craig]

Was it somehow associated with Trump University?

[boracayjohnny]

Originally Posted by Thomas

Hillary and I have a big night planned. I'm gonna sit back and watch her suck the filling outta Twinkies.

How sweet, she's got the right grill for it too....

[OddBall]

10 mil for 30 acres? Seriously? Is there oil under it?