Limestone University in Gaffney, South Carolina, is discontinuing both its on-campus and online programs at the end of the current academic semester.
The university posted a message on its website announcing that its Board of Trustees had voted to close the institution.
“Despite exhaustive efforts to secure the funding necessary to continue our operations, we have come to the difficult conclusion that Limestone University has not been able to secure the necessary funding to sustain its operations,” said Randall Richardson, Chair of the Board of Trustees.
Richardson said that almost 200 supporters had stepped forward in the last two weeks and committed a collective $2.143 million to help keep the school open.
"We had hoped that would be enough to sustain our institution," Richardson said. "But in the final analysis, we could not continue operations on-campus or online without a greater amount of funding.”
The university disclosed in April that it was facing a budget shortfall of $6 million and might have to shut down.
Founded in 1845, Limestone has served students both on its Gaffney campus and through its online degree programs. However, long-standing financial pressures, declining enrollment trends, and rising operational costs made it impossible for the institution to remain sustainable without the immediate influx of substantial funding.
“Our students, alumni, faculty, staff, and supporters fought tirelessly to save this historic institution," said Limestone President Nathan Copeland.
The university says it will continue to assist students with transferring to other institutions and to support faculty and staff during the transition.
Limestone will hold its final commencement ceremonies at Fullerton Auditorium on Saturday, May 3.
