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Financial Crisis

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
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