Private colleges across the state will likely face financial crisis when pandemic is over

Small private schools across New York might not make it through the COVID-19 pandemic. There are several in the region.

“All of us have reason to be concerned, and small private colleges have more reason to be concerned,” said Jonathan Gibralter, Wells College president. He spoke to the Democrat & Chronicle in a recent feature, published here.

Some are concerned that without a substantial cash infusion from the federal government that continued operation won’t be on the table.

See, many of them were already facing financial challenges before the pandemic. Now, as these campuses sit empty – serious questions loom.

“At many of our institutions we don’t have a large stockpile of cash,” Mary Beth Labate told the D&C. She serves as president of the Albany-based Council of Independent Colleges and Universities. That organization represents private institutions.

“It’s hard to deny if you look across the landscape of New York how important we are,” Labate added. Wells College in Cayuga County, and Hobart and William Smith Colleges in Ontario County are two most-frequently referenced private institutions in the region.

In the short-term, there’s no certain answer. In the long-term, the answer could be difficult.

Check out the entire report here from the D&C.

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