UArts’ sudden closure was a shock, but not a big surprise in the turbulent higher-ed landscape

University officials still haven't said what financial crisis emerged suddenly last month to precipitate the closure. But even before that, the school's financial outlook was extremely weak.

The closest that board chair Judson Aaron and now former president Kerry Walk came to an explanation was in a May 31 statement: “With a cash position that has steadily weakened, we could not cover significant, unanticipated expenses. The situation came to light very suddenly.

Five months after Walk took office and a month before a permanent chief financial office arrived in February, Fitch downgraded UArts’ credit rating to a highly speculative B+, which meant that Fitch was worried even then that UArts was a default risk. Total enrollment at Cabrini dropped 42% to 1,616 in the 2022-23 school year from 2,809 in the 2012-13 school year. Over the same period, UArts’ total enrollment fell 39% to 1,170 from 1,909. UArts’ incoming class size increased last year and was expected to increase again this year, but that was likely too late to solve the institution’s financial problems.

Education Education Latest News, Education Education Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Here’s what to know about UArts president Kerry Walk, who has resigned from the universityHere’s what to know about the Pittsburgh-area native with degrees from Wellesley College and the University of California-Berkeley.
Source: PhillyInquirer - 🏆 81. / 68 Read more »

Temple University working to help UArts students as uproar continues over school's abrupt closingStudents organized a rally outside the University of the Arts Tuesday evening ahead the school's abrupt closing this upcoming Friday.
Source: FOX29philly - 🏆 570. / 51 Read more »

UArts students hope for last-minute solution as 150-year-old Philly university prepares to closeUniversity of the Arts students are hoping for a last-minute solution -- something that might save their school - as the establishment prepares to close for good on Friday.
Source: 6abc - 🏆 250. / 63 Read more »

Letters to the Editor | June 5, 2024Inquirer readers on plastic pollution, UArts closure, and funding education.
Source: PhillyInquirer - 🏆 81. / 68 Read more »

City Council to examine ‘sudden closing' of UArtsA resolution to have City Council's committee on education to review the closure of the University of the Arts, was approved on Thursday.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »