A 180-year-old private Christian university in South Carolina will be shutting down at the conclusion of the semester due to its failure to secure $6 million for its operational costs.
Limestone University managed to gather approximately $2.1 million from close to 200 contributions within a 14-day fundraising period. However, this amount fell short of the required funding necessary to sustain its in-person and virtual academic programs, as stated in a press release issued by the university on Tuesday.
“Although our physical campus may no longer be open, the legacy and values of Limestone University will continue to thrive through the achievements of our current students and graduates,” remarked Randall Richardson, the chair of Limestone University’s board of trustees. “The essence of Limestone will undoubtedly persist and make a lasting impact in various communities.”
Limestone University’s online and in-person enrollment dropped from about 3,200 students in 2014 to about 1,600, according to state higher education data.
Daniel Deneen Jr., who plays football for Limestone, said he was shocked at the school’s dire financial situation and sudden closure.
“When we found out the school had $30 million in debt, we all wondered how they were going to get out of it. The last two weeks have been very stressful with finals coming up this week,” Deneen told The Post and Courier.
Limestone, founded in Gaffney in 1845, will hold its final commencement ceremonies on Saturday.
The Associated Press contributed to this report.
