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Thursday, October 04, 2007
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An Antioch College alumni group presented a draft of its business plan for keeping the college open next year to Antioch University leaders and three trustees Wednesday during a meeting in Denver.
"What's clear to us now is that we need to rely on alumni donations to sustain the college" for the first year past July, said Rick Daily, treasurer of the alumni board, which is formally responsible for the college's fundraising.
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Daily and the alumni group have analyzed financial data provided by the ailing college since late August, when alumni persuaded trustees to give the alumni board a chance to produce a viable business plan.
While Daily is bound by a confidentiality agreement from revealing specifics, he said trustees correctly judged that the college could not be sustained financially. Trustees fielded criticism from alumni and other college supporters for their decision in June to close the college in July because of financial problems.
The alumni board will present its final plan Oct. 26 during a public meeting of the board of trustees in Yellow Springs, and will formally ask trustees to revoke the decision to close.
"That's when we'll make the strategic decision" on the college's future, said Toni Murdock, chancellor for the six-campus university system, of which the college is a part. Murdock said trustees were pleased so far with progress on the alumni plan.
Goals in the draft plan include:
• Raising $20 million by July to stay open at least one year past that date, and $80 million over five years for a long-term endowment. Alumni have raised $12 million so far.
• Creating an autonomous board for the college.
• Market heavily to recruit students for fall 2008.
