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In October, the school’s Board of Trustees launched an extensive investigation into financial misappropriations that revealed approximately $20 million in payroll taxes that were not paid for eight quarters dating back to 2014 under the watch of former CNR President Judith Huntington, who resigned amid the probe.
As the investigation continues, more than $30 million in "significant unmet financial obligations" have been revealed.
Last month, CNR announced that its #WeAreCNR fundraising campaign had secured enough funding that would allow it to survive at least another semester. On Tuesday, the Trustees announced that they had received an anonymous $5 million donation to supplement the $1.5 million that have already been raised.
“We are humbled and grateful for the generosity of those who have donated and continue to donate, as well as the ongoing support we are receiving from alumnae and others in our hour of need,” Gwen Adolph, the chair of the Board of Trustees stated. “Although we have more work to do, I am pleased to say that the college will remain in business and continue moving forward.”
With its future temporarily secure, the college has turned to Ron Eager, the Chief Restructuring Officer and Partner at Grassi and Co. to oversee the restructuring and stabilization of CNR as they continue to raise money and cut costs.
“We were motivated throughout this effort with the unshakeable belief that the College of New Rochelle was worth fighting for,” Adolph added. “Our work is not done, but this $5 million donation and additional financial support we have received allows us to continue this fight and to continue to provide a profound education to future generations of students.”
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