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General News: NYMA Board Cites Financial Woes
April 29, 2010
The board of trustees at the New York Military Academy has formally announced the suspension of academic operations after the senior class graduates this June. In a release, the board cites numerous financial problems that it could not overcome despite a series of efforts that began five years ago.
Low Enrollment Hurts Bottom Line
The trustees blame the current recession for making it hard for families to afford to tuition, which for boarding students runs from $27,800 to $33,425 a year. An alleged hazing incident in 2005 further damaged the academy’s effort to keep enrollment up, the trustees say, noting that there are currently 145 cadets, well below the 240 needed to balance the budget.
Failed Pledges Caused Disappointment
Failed pledges to support the institution by some key alumni failed and fundraising goals “met with disappointing results,” according to the trustees, who say only 5% of its funds came from donations. Most comparable schools receive 20% of their budgets that way, the trustees report.
“For those of us who have been directly involved in the effort to right the Academy’s fiscal ship, this is the saddest day we could have imagined,” said Paul Curtin, NYMA class of ’67, and President of the Board of Trustees. “We have gone to extraordinary lengths to avoid this outcome, vigorously pursuing a number of viable financing options over the past two years. Unfortunately, our time has simply run out.”
$7 Million Needed
Curtin said that the academy needs $7 million to pay down existing debts and fund the strategic plan to boost enrollment. A group of parents and alumni has launched an effort to raise these funds and set a goal of reaching $2.5 million to re-open the school this September. The group has a website, www.helpsupportnyma.com/, which shows that $2,3000 has been received as of April 28th.
The trustees of NYMA say there are no plans at this time to reopen the academy in the future but promise to continue to consider all feasible alternatives for long term funding.
Comments:
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Let's see how long it takes KJ to make an offer. Lots of land to start KJ 2. They wouldn't even need to build a pipeline to their wells.
posted by J Klein on 04/29/10 at 11:21 AM
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