Wells College closing due to insufficient "long-term financial stability"

Wells College, a private institution that has been a cornerstone of the Aurora community since 1868, will be closing in its entirety at the end of this semester, school officials announced Monday in a statement.

The decision comes after a review by the college’s trustees, who determined that the college does not have adequate financial resources to continue.

“Members of the board, many of whom are Wells graduates, have spent years trying to find creative solutions to raise revenues in hopes of avoiding closure…,” officials said in a statement from Wells president Johnathan Gibralter and chairperson of the college’s board of trustees Marie Chapman Carroll.

“We acknowledge the work from all board members and college leaders, especially members of the cabinet, our faculty, staff, and graduates on creating strategic plans, sponsoring aggressive fundraising campaigns, launching innovative new programs and managing our resources with care,” the statement said. “Your efforts are appreciated more than you know. But revenues, unfortunately, are not projected to be sufficient for Wells’ long-term financial stability.”

What happens next for Wells students?

Wells officials said the school entered into an agreement with Manhattanville University, naming it the college’s “preferred teach-out partner,” meaning that Wells students will be given connections to Manhattanville University in the coming months, to transfer there, if they wish.

“Manhattanville is developing dedicated housing for Wells students and will be partners in supporting our students with transfer plans,” Wells officials stated. “Manhattanville has also expressed interest in developing a legacy agreement that would integrate the Wells College name and history into the Manhattanville community.”

Wells created a website announcing the closure, which also provides a questions and answers section, that it says will be continually updated to communicate future plans for the college’s closure.

Visit https://www.wells.edu/closure/ for more information.

This article originally appeared on Ithaca Journal: Wells College in Aurora NY closing at end of 2024 spring semester