You may have heard The College of New Rochelle in embroiled in a fiscal crisis over a reported $30 million in unmet financial obligations, including $20 million in payroll taxes.
The investigation may soon be turned over to the U.S. Attorney.
College President Judith Huntington abruptly resigned in October after the school’s Board of Trustees began investigating financial mismanagement.
“The financial information that was provided to the Board was incorrect, incomplete and lacked transparency,” the trustees said in a joint statement about the investigation.
The 112 year old college has about 4000 students.
Alumnae of the Catholic college announced on the school’s website that they had raised over $7 million in response, including one donation of $5 million.
According to reports, auditors and financial consultants are trying to move quickly to cut costs and raise money to help save CNR’s short and long term future.
An auction of school property will be scheduled as another way to generate capital.