Wells College in Aurora is shutting down. While that news has reverberated throughout the Central New York community over the last three days since the College’s surprise announcement, questions have swirled about notification.
Students and staff were notified at the same time, according to sources inside the College. And while the news came as a surprise to some students and faculty, there’s been an extended pattern of financial struggle at the institution.
During the coronavirus pandemic, President Jonathan Gibralter reassured the community that the College was going to do everything in its power to remain open. At the time, he said that if in-person learning was not allowed – they would not be able to continue operating. Students returned that fall and many thought that meant the institution’s financial concerns were behind them.
Financial reports indicated though that the writing was on the wall for years. Financial records between 2016 and 2023 showed substantial operating losses, leading to the depletion of unrestricted cash reserves and subsequent borrowing from restricted funds. Throughout that period, College officials kept making campus enhancements, which cost even more money.
Further controversy has arisen from revelation that President Gibralter received over $310,000 in bonuses during years of financial struggle. The college, citing declining enrollment and economic challenges as the primary reasons for closure, has not publicly commented on any of the concerns community members have brought about the institution’s management.
Josh is the Vice President of FingerLakes1.com. Have a question? Send them to [email protected].