University of the Arts trustees offer first public statement on abrupt closure

“The situation came to light very suddenly," the trustees' statement said."Despite swift action, we were unable to bridge the necessary gaps.”. It offered no concrete explanation for the abrupt move — which came after the school had already admitted a new freshman class to start this fall — but described it as the result of an unspecified, “unanticipated” financial crisis.

“Like you, we are struggling to make sense of the present moment,” said the statement, signed by board chairman Judson Aaron and college president Kerry Walk.“With a cash position that has steadily weakened, we could not cover significant, unanticipated expenses,” the statement said, without specifying the nature of those expenses. “The situation came to light very suddenly. Despite swift action, we were unable to bridge the necessary gaps.

'A crown jewel': Questions, anger, and a lawsuit threat follow University of the Arts’ announcement of imminent closure The statement promised town hall meetings on Monday, and apologized for how the news was delivered: The Middle States Commission on Higher Education withdrew the school’s accreditation and posted a statement before University of the Arts did.

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