Northland College will extend its fundraising deadline after falling well short of the $12 million needed to remain open.
According to a Fox 21 report, school officials made the announcement to students, staff and faculty gathered in their gymnasium before sending out a press release.
Northland College officials had set a self-imposed deadline of April 3 to raise $12 million amid serious financial issues. So far, the school has raised only about $1.5 million in the weeks since making the deadline announcement.
The fundraiser was needed after years of the college using its endowment just to remain operational. Between 2020 and 2022, the college went from having a $25 million endowment fund to just $6.2 million, and they’ve been forced to continue depleting that resource over the last two years.
Students and area residents expected the school to announce that it would be forced to close at the end of the semester. Instead, the Northland College Board of Trustees voted to declare financial exigency and continue to explore more options to address their budget concerns and seek more donations.
According to a Northern News Now report, a group of Alumni pledged over $200,000 in donations to the school with some conditions last week. The conditions include making the campus more accessible to the general public, like renting out lab space or including elder housing.
As Northland College officials scramble to raise the money needed to save the school, they announced they will meet to make a final decision about the future of the school in two weeks.
