Cazenovia announces it will close after the spring semester. "The business realities that led to this extremely difficult decision were accelerated by the global pandemic and skyrocketing inflation. The population of college-aged individuals has been and continues to shrink making it hard for small private colleges like Cazenovia to maintain enrollment levels. Since its peak with nearly 1,000 students on campus, Cazenovia’s enrollment has dropped by over 40 percent. Additionally, the coronavirus pandemic dramatically impacted recruitment and fundraising efforts while increasing economic burdens for the College. Large investments were made in technology and campus safety measures while enrollment dropped with students choosing to postpone college or take a leave of absence, which negatively impacted the College’s financial situation. Lastly, the recent uncertainty in the bond and stock markets made it exceedingly difficult to refinance the bond debt which came due in September. Being a small college without a large endowment has made the College’s challenges formidable. While the College worked tirelessly to strengthen its financial position, unfortunately, these efforts did not create results to ensure long-term viability." (link)
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