Clearwater Christian College in Clearwater, Fla., has announced that it is closing because of financial difficulties.
The school's board of directors voted unanimously last week to shut down the college.
"In recent years, many colleges have sought better ways to address rising costs, declining enrollments, reduced development, managing debt, and weakening economics," the school's board of directors said in a statement posted on the school's web site. "Clearwater Christian College fought these battles since our inception. In recent years, financial pressures became increasingly severe. We went through the hard tasks of downsizing and restructuring so we could continue to serve students. We finally reached a critical point and made an exceedingly difficult decision."
The college opened in 1966 on about 50 acres at the eastern entrance to Clearwater. About 500 students attended the school. The college directors say they will help students find schools where they can continue their education and help faculty and staff find new jobs.
The Tampa Bay Times reports that in 2013, the school had debt totaling $10.2 million, including $9 million in tax-exempt bonds.