Wells College in Aurora reported a $3 million loss in the year before its closure due to rising expenses and declining revenue from lower enrollment.
For the 2022-23 academic year, the college had $32.8 million in expenses and $29.6 million in revenue, marking the fourth net loss in seven years.
Enrollment dropped slightly from 335 to 333 students. Despite higher tuition revenue of $18.2 million, contributions and grants fell from $12.5 million to $9.4 million.
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