A small, personal college in West Virginia declared chapter on Thursday, a month after saying that it deliberate to prevent running.
Alderson Broaddus College filed for Bankruptcy 7 chapter in U.S. Chapter Courtroom for the state’s northern district. Consistent with the submitting, the college estimated it had between $1 million and $10 million in overall belongings, liabilities of between $10 million and $50 million and owed cash to between 100 and 199 collectors.
The submitting was once signed by way of Alderson Broaddus intervening time president Andrea Bucklew. The Bankruptcy 7 submitting would permit the college to liquidate its belongings. The campus neighborhood was once notified of the verdict, the college mentioned in a observation.
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Alderson Broaddus Board Chairman James Garvin mentioned the panel “is thankful to the scholars, staff, alumni and donors who’ve embodied the Christian spirit of the College, and thru them, the legacy of AB will live to tell the tale.”
On July 31 the college’s Board of Trustees voted to expand a plan to disband after any other board overseeing the state’s four-year faculties and universities revoked its skill to award levels efficient Dec. 31. The college mentioned the revocation supposed the college will have introduced handiest restricted categories to about 20 scholars this autumn. The Baptist college’s 625 scholars at the Philippi campus have been pressured to scramble to sign up at different faculties.
Different state universities, together with West Virginia Wesleyan in within reach Buckhannon and Fairmont State College in Fairmont, introduced utility and transcript analysis help to Alderson Broaddus scholars.
A small college in West Virginia known as Alderson Broaddus College introduced that it was once submitting for chapter on Aug. 31, 2023.
Pupil educational and fiscal information had been transferred to West Virginia Wesleyan, positioned about 21 miles from Alderson Broaddus. West Virginia Wesleyan will make transcripts and different knowledge to be had to former Alderson Broaddus scholars.
Previous in August West Virginia Wesleyan mentioned it had authorized greater than 20 switch scholars from Alderson Broaddus.
Alderson Broadus mentioned it had expected receiving an worker retention credit score fee from the Inner Income Carrier of greater than $1 million. Then again, the cash did not arrive in time.
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The varsity’s site was once taken down Thursday and the establishment inspired its staff to hunt unemployment insurance coverage advantages.
The college, which was once based in 1932, has been suffering financially for a number of years.
It had gathered $775,000 in application debt and paid town of Philippi $67,000 final month at the day of a shutoff closing date. It additionally deliberate structured repayments to get to the bottom of the remainder stability.
Alderson Broaddus was once put on probation in 2017 by way of its accreditor, the Upper Studying Fee. The probation was once lifted in 2019, even supposing the college remained on understand that it had to proceed addressing issues, partly as it had neglected bond repayments.
The college introduced final week that it voluntarily resigned its accreditation with the fee because of its upcoming closure.
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The fee was once informed in July that the U.S. Division of Agriculture had in the past agreed to restructure a $27 million mortgage to the college to permit for extra versatile money waft. The varsity was once introduced help thru a USDA program offering loans and grants to lend a hand enlarge financial alternatives and create jobs in rural spaces.
In April, the college sought alumni contributions to boost cash right away.
Some other personal state college, Ohio Valley College in Wooden County, went bankrupt and impulsively closed in 2021.
