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Financial Crisis

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State Of Emergency Declared In One Of Westchester Largest Cities Over Lack Of Finances State Of Emergency Declared In One Of Westchester Largest Cities Over Lack Of Finances
State Of Emergency Declared In One Of Westchester Largest Cities Over Lack Of Finances The mayor of one of Westchester’s largest cities is sounding the alarms and declaring a State of Emergency as the community contends with “gross negligence and dereliction of duty” of the city’s Comptroller. Mount Vernon Mayor Shawyn Patterson-Howard announced on Thursday, July 15 that she has declared a State of Emergency due to internal strife at City Hall as Comptroller Deborah Reynolds allegedly failed to process or pay invoices for hundreds of thousands of dollars for city vehicles. According to Patterson-Howard, Reynolds has failed to pay approximately $500,000 for critical parts and …

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by Zak Failla
Real Estate
For Sale: College Of New Rochelle's Campus With 425K Square Feet, 20 Buildings For Sale: College Of New Rochelle's Campus With 425K Square Feet, 20 Buildings
For Sale: College Of New Rochelle's Campus With 425K Square Feet, 20 Buildings The College of New Rochelle is selling off its assets as it prepares to close its doors later this summer. After 115 years, the College of New Rochelle was forced to shutter its doors following a three-year financial crisis. Following its final graduation ceremony, the college’s 15.6-acre campus has been put up for sale, days after reports that the school was failing to pay its bills to multiple creditors. The campus is spread over approximately 425,000-square-feet and includes 20 buildings. The zoning for the property allows for both residential or educational use. Any other options would…

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by Zak Failla
Schools
College Of New Rochelle Announces Date For Final Classes After 115 Years College Of New Rochelle Announces Date For Final Classes After 115 Years
College Of New Rochelle Announces Date For Final Classes After 115 Years The end is (nearly) here. After 115 years, the College of New Rochelle has announced the date it will host its last class after being forced to shutter its doors due to a financial crisis. The last classes will be held at the college on Saturday, Aug. 10, making the end of the institution following a three-year financial crisis. The college recently held its final graduation ceremony. Earlier this year, the college announced that it had entered  into an Agreement of Mutual Cooperation that will “ensure a seamless transition for CNR students to continue their education at Mercy College…

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by Zak Failla
Schools
It's Official: College Of New Rochelle Sets Date For Closure It's Official: College Of New Rochelle Sets Date For Closure
It's Official: College Of New Rochelle Sets Date For Closure The College of New Rochelle is officially shuttering its doors at the conclusion of its summer semester and an agreement has been finalized to transfer students to Mercy College for the beginning of the fall semester. Amid a three-year financial crisis, CNR and Mercy announced on Tuesday that they’ve entered into an Agreement of Mutual Cooperation that will “ensure a seamless transition for CNR students to continue their education at Mercy.” According to Mercy College, the agreement allows CNR students in good standing the opportunity to transfer to Mercy College, as CNR’s designated prefer…

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by Zak Failla
Schools
Third School Steps Up To Help Displaced College Students In Westchester Third School Steps Up To Help Displaced College Students In Westchester
Third School Steps Up To Help Displaced College Students In Westchester A third university is stepping up to offer a helping hand to students at the College of New Rochelle, which is expected to shutter its doors at the conclusion of its summer semester. In 2016, the college’s Board of Trustees was alerted about “significant unmet financial obligations that had accrued over a period of time.” The Board subsequently launched an investigation and enlisted the help of officials to restructure and manage CNR’s finances. A forensic accountant and outside legal counsel were also hired to perform the investigation. Last week, the college announced that after 115 years…

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by Zak Failla
Schools
Mercy, Iona Ready To Take Students From College Of New Rochelle Mercy, Iona Ready To Take Students From College Of New Rochelle
Mercy, Iona Ready To Take Students From College Of New Rochelle With the College of New Rochelle likely to close its doors at the conclusion of its summer semester, area colleges are lining up to offer an assist to students from the 115-year-old institution. Earlier story: Iona College Issues Lifeline To Students Following CNR Closing Announcement Last week, CNR announced that due to a three-year financial crisis, it will likely be forced to shut down as it deals with crippling debt. In response, area colleges are taking measures to ensure that students are able to continue their education in the Hudson Valley. Mercy College began working wi…

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by Zak Failla
Schools
Iona College Issues Lifeline To Students Following CNR Closing Announcement Iona College Issues Lifeline To Students Following CNR Closing Announcement
Iona College Issues Lifeline To Students Following CNR Closing Announcement Iona College is offering a lifeline to some students at the College of New Rochelle following last week’s announcement that the institution is likely to close at the end of the summer semester as they contend with a financial crisis. In 2016, the college’s Board of Trustees was alerted about “significant unmet financial obligations that had accrued over a period of time.” The Board subsequently launched an investigation and enlisted the help of officials to restructure and manage CNR’s finances. A forensic accountant and outside legal counsel were also hired to perform the investigation. On…

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by Zak Failla
Schools
College Of New Rochelle Closure Seen As Likely College Of New Rochelle Closure Seen As Likely
College Of New Rochelle Closure Seen As Likely Amid a near three-year financial crisis, the College of New Rochelle may be shutting its doors for good at the end of the summer semester. In 2016, the college’s Board of Trustees was alerted about “significant unmet financial obligations that had accrued over a period of time.” The Board subsequently launched an investigation and enlisted the help of officials to restructure and manage CNR’s finances. A forensic accountant and outside legal counsel were also hired to perform the investigation. The investigation ultimately found that CNR hadn’t paid upwards of $20 million in payroll taxes d…

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by Zak Failla