Wells College faces significant financial challenges. We conducted a comprehensive review of the institution’s financial health and future sustainability, including an independent analysis, which has led to the necessary conclusion of closure. Many small colleges, like Wells, grapple with enormous financial challenges and the pandemic has exacerbated these issues. This includes a nationwide shrinking pool of undergraduate students, inflationary pressures and negative sentiments towards higher education.

The Board and college leadership have taken decisive actions to address the institution’s financial challenges. This includes creating and executing aggressive strategic plans with faculty, staff, and graduates; streamlining the academic programs; seeking donor support; selling non-essential properties; introducing new revenue-bearing options such as workforce and educational partnerships and online learning for graduates; and implementing new marketing and recruitment initiatives and strategies. While some of these initiatives had positive impacts, the sum of these efforts was insufficient to improve financial projections.

The College saw no likelihood of such significant fundraising goals being achieved year after year, nor the likelihood that new revenues could be identified in sufficient amounts and quickly enough to save the College. Fundraising helps to support the College, but the board recognizes that it cannot carry the College. Wells had already raised its fundraising goal for 2023-2024 above prior years’ achievements. These fundraising goals would have required more than double the goal to make possible, not certain, another year of operation. That doubled goal of approximately $12 million would have had to be sustained for several years unless other revenues could be identified.

The Board’s plan includes a continuing commitment from the Wells College Alumni Association (WCA). Key individuals from the board and the WCA will work together in the coming months to secure the legacy of Wells College and share those opportunities in the future. Wells has selected a legacy partner institution, which will honor and preserve the legacy of the College for years to come.

Determining the future of the college’s campus and other real estate is currently under consideration. The Board will collaborate with village, county, and state attorney general and relevant local associations to make informed decisions.

Wells has selected a legacy institution partner in Manhattanville University. This institution will plan to house various materials including transcripts, business records and other important artifacts.

The board and its advisors have been working diligently to understand all options. Once the board voted to close the College, it is our obligation to communicate with our community in a timely manner. Making the announcement when students are present gives us the best opportunity to provide counseling and support and to make services available in person. Each student will have personal advising to plan for their degree path and the College will communicate directly with students for those advising appointments.

The College will assist students in graduating or continuing their studies elsewhere and outline a clear pathway to earn their degrees. A formal institutional teach-out plan, required by accrediting bodies, will guide the closure to minimize its impact on students. Specific information will be shared with impacted members of our community this week.

Over the next several weeks and months, we will be working with employees to provide them with resources and support as they depart the institution.

We appreciate you reaching out to learn how to share your job openings with our staff. It’s wonderful to hear from the community and the willingness to assist. Wells College is partnering with the Department of Labor to host an on-site Job Fair on Wednesday, May 22. Employers and job placement agencies interested in attending to recruit faculty and staff should complete a registration form. Please email hr@wells.edu for further questions. We appreciate your understanding as we work out these details. We also encourage you to reach out to our employees to share job opportunities. You’ll find the names, job titles, and emails of our employees within our campus directory.

The Wells in Florence program is going to be continued by our preferred legacy partner, Manhattanville University. Students who are currently enrolled or were planning to enroll in the program will receive specific follow up information.

College officials are working with the New York Attorney General to determine next steps for the property.

The Board voted April 25, 2024 to close and the closure was announced April 29th. A majority of operations will begin winding down after reunion and continue during the month of June. The college will maintain a small team to oversee the final closure processes over the coming months as the ownership transfers to the attorney general. The target date to finalize this process is December 31, 2024.