The King’s College has “a funding gap of approximately $2.6 million,”
The student newspaper Empire State Tribune reported that The King’s College will make a series of budget cuts and adjustments to “show donors that we are being fiscally responsible.” The newspaper said that the decision followed various financial hits, including the conclusion of a 10-year donor pledge fulfilling half of the school’s annual budget and the lack of a closing sale on Devos Hall in a declining real estate market. The college has turned over control to a Canadian group that has had success in running online colleges.
In the Fall 2022, it was announced that all of the faculty at The King’s College would start working in 2023 under renewable one-year contracts.
“They’re not on multi-year contracts, and I had to share that with them a few months ago,” Interim President Stockwell Day said. “We also don’t see any raises for [them] in the next couple of years.” According to sources at the college, some of the academic programs are cutting back their activities.
If the college can raise the money, Day said, there are hopes for survival. He pointed to a possible connection to a significant, but unnamed, Christian university. The college is also expecting revenue from its sale of the building that houses students and from federal pandemic relief funds. None of these funds are immediately available, however.
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