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Antioch College trustees giving $9 million to help restart school

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By Steve Bennish, Staff Writer Updated 11:13 PM Friday, June 17, 2011

YELLOW SPRINGS – The trustees of the revived Antioch College are pledging to provide $9 million over the next three years to help finance the college’s operating costs, Board Chair Lee Morgan announced late Friday.

The school closed in 2007 amid financial problems but has reorganized to be independent of Antioch University, a multi-campus institution.

The college has raised significant funding to help the relaunch. Since 2007, the college said it has raised $22.4 million. The college’s annual fund brought in $1.5 million this fiscal year and about 26 percent of college graduates have given to the fund this year, the college said.

The $9 million board pledge will cover more than one-third of the college’s three-year, $27 million operating budget, President Mark Roosevelt said. Classes begin Oct. 4 for an incoming class of 35 students. Next year, up to 75 students could be on campus.

Individual contributions to meet the $9 million pledge are anonymous, but some is from Lee Morgan’s family foundation. Morgan’s grandfather Arthur E. Morgan became president of Antioch College in 1919 to revive the school at that time.

“When we all sign on as trustees of Antioch College, we commit ourselves to doing what we can to assure its success. These gifts are a demonstration of how strongly we believe in the importance of reviving Antioch College,” Morgan said.

Antioch College is governed by a 14-member Board Pro Tempore, most are alumni.

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