Wells College lost over $7.8 million in its final year before closing, according to new tax records reviewed by The Citizen.
Expenses soared to nearly $38 million in 2023–24 while revenues stalled at $30 million. That capped a two-year loss of $11 million, with enrollment dropping to just 340 students. Despite public optimism, the board had already started planning for closure.
Wells had only one profitable year since 2016, when it posted a $4.5 million surplus. Asset transfers to Hobart and William Smith Colleges are now underway.
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