SPRINGVALE, Maine -- The Nasson College board of trustees has voted to officially close the small, liberal arts school because it has been losing money for the past several years, officials said Tuesday.
The college will cease operations following the 71st commencement ceremony Sunday.
Trustees voted overwhelmingly during a Monday night meeting to shut down the college, a decision that was expected for several months, said Calvin Senning, a Nasson history professor and trustee.
A small administrative staff will remain at the campus to 'take care of the plant, maintain security and protect the records,' Senning said. Meanwhile, the trustees will try to come up with a way to make use of the campus.
During the meeting, the trustees heard a report from private consultant John Menario, who was hired by the college to help find a way to keep the campus operating.
'The college has been seeking out government agencies and other institutions of higher learning to see if any of them would be interested in the physical plant,' Senning said.
But little progress has been made so far in marketing the facility, he said.
Enrollment at the college had declined in the last six years to less than 300 students during the current academic year.
Nasson's financial problems became so grave last November that the college was forced to file for reorganization under the Chapter 11 bankruptcy law.
The cash-flow problem almost prevented the college from re-opening in January, but the bankruptcy petition was accepted and students were able to finish out the school year.
