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This Week In College Viability (TWICV) for March 25, 2024
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Here are the headline stories for the March 25, 2024 episode of 'This Week in College Viability'.
MU Is our cutback college this week – but in a different business sense.
Is Hampshire College really on its way back?
Columbia College in Chicago is searching for couch money to survive
Bluffton U and U of Findlay merger: Is two enough?
BSC is back in the AL legislature. I bet there are many more stories like this next year.
IA wants a heads-up if a college is closing.
Concordia AA and collateral.
What is a 'going concern'?
Show note links:
Marquette University plans to cut $31 million by 2031
Back from the brink, Hampshire College is nearing financial viability.
(Columbia) College could downscale future commencement, Manifest celebrations to help save costs
College postpones tenure-track appointment decisions, ‘shocking’ faculty who were up for promotion
Bluffton and University of Findlay announce merger
Birmingham Southern loan viability remains in question after public hearing
Year after Iowa Wesleyan shuttered, lawmakers proposed private-campus closure mandates
For This Small College, a Merger Was a Lifeline. Now It’s the Focus of Suspicion.
Gary commentary: Going Concern – Audited financial statements – auditors have a responsibility to share their concerns if an organization may not be able to continue as a viable business. The term used is ‘going concern’. A going concern is a business that will continue.
Issues with a college being able to continue as a going concern is a big deal. I have only seen it referenced 2x in the past 4 years. In my experience, it has not been referenced in the financial statements of colleges that have closed. As I get time, I am going to research a set of closed colleges to see if their auditors referenced a ‘going concern’. I did check NDC (OH). No special reference was made by the auditors that NDC might not be able to survive as a going concern.
SOPM. Go to Federal Audit Clearinghouse. (I have a YouTube video) and search for a college. Do a Ctrl-find for going concern. You will normally see two basic references. Those are not a big deal, standard stuff. If you see more, make sure to read them.
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