The King's College is about to close due to financial struggles and a lack of action to keep the school open. The small Christian liberal arts college in Manhattan has been facing a difficult situation because of the pandemic's effect of decreased enrollees and a failed business deal.
The college has been struggling for years, which became obvious when a few downfalls were started in November. The college administrators have been meeting with students for the past few weeks to deliver some terrible news: they should all look for another institution to attend.
The King's College Comes to A Close Due to Multiple Struggles
According to New York Times, school officials have now informed the students that King's College will probably close down. During the past few weeks, some of the college representatives have been visiting with students to provide a list of institutions that might accept them as transfer students. The students now have to look for a new college to complete their studies after the administration conveyed a depressing news to them.
In the article in Empire State Tribune, the King's College has received a $2 million interest-free loan from Peter Chung, CEO of Primarcorp Enterprises, which will enable the college to complete the spring 2023 semester. The college has been struggling financially and is facing a funding gap of $2.6 million to complete the semester.
In a recent update, the college confirmed that they had raised $251,000 towards closing the funding gap but still needed additional funds to meet all their financial obligations. However, the loan from Peter Chung will provide enough funds to ensure that the faculty and staff are paid through the end of the semester. But unfortunately, the loan does not solve the school's problem after the spring semester.
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A Farewell Message by the School
The King's College is making their exit to the Empire State Building, which has been located for the past 13 years. According to their website, The King's College, the school was re-founded in the iconic building in 1999, and it has been a remarkable period of growth and success for the institution. The founder of Christian Leadership Ministries, Stan Oakes, had a bold vision to resurrect the college and move it to New York City, which many people thought was impossible. However, the college has flourished over the past 13 years, with $70 million in funding and many accomplishments.
While the college will miss some things about the Empire State Building, such as its iconic location and quick commute for residents of nearby towers, it is looking forward to a new era in a new location. The college's DNA and audacious vision remain the same, and the faculty and staff are excited about the future and the great things that God has in store for the institution. The college is confident that the best is still ahead and looks forward to being in its new home in Lower Manhattan in the fall.
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