Last updated 10/28/2021
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Is Bloomfield College in financial trouble?
Like many small, private higher education institutions, Bloomfield College has experienced a multi-year decline in enrollment, exacerbated by the COVID-19 pandemic, that has brought severe financial challenges.
How serious is the College’s financial position?
The College has sufficient funds to complete the 2021-2022 academic year.
How did we get here?
The decline in enrollment combined with the effects of the COVID-19 pandemic have brought severe financial challenges expected to continue for several years. Both the President and the Board of Trustees have been fully engaged in responding to these challenges through budget mitigation measures and exploring a variety of strategies focused on improving the College’s financial position and ensuring our mission continues.
What steps has the College taken to mitigate financial challenges?
The College has implemented budget mitigation measures over the course of several years, including reducing operational spending, delaying some capital improvements, terminating leases, selling minimally used properties, freezing salaries and pension contributions, and instituting a hiring freeze, among other measures. Most recently, the College offered voluntary separation to certain employees.
Why is the College sharing this information now?
While the College has been in active discussions with higher education institutions regarding potential strategic partnerships, we are sharing this information publicly to solicit interest from new potential partners and philanthropic investors.
Is Bloomfield College in danger of closing?
The College has sufficient funds to complete the 2021-2022 academic year but needs to identify a strategic and/or philanthropic partner in order to continue the College’s core mission. Bloomfield College has much to offer. We continue to explore all options for a path forward, and presently do not plan to close. If that changes, we will let our students, faculty and staff know as soon as possible, and we will assist in easing any transition work and with students as they decide their best pathways to completing their degrees. By the beginning of spring semester, we should know more and be able to provide an update.
Can Bloomfield College remain a stand-alone institution?
Given declining revenues and diminished enrollment, the long-term viability of Bloomfield College as a standalone institution is questionable. The College must identify a substantial source of funding to be able to continue into the 2022-2023 academic year. However, with its rich history and the diversity and resilience of its students, a partnership with another institution can be mutually beneficial, and would allow Bloomfield to continue its mission.
Will Bloomfield College merge or be absorbed by another college?
To strengthen our financial position and continue our educational mission, the College has been exploring potential alliances with other institutions of higher education, including mergers and other strategic partnerships. We have not entered any such partnership at this time.
Has the college considered an aggressive fundraising campaign or identified donors capable of large-dollar contributions?
The College has been working hard to find solutions through philanthropy by identifying and contacting foundations, government agencies, and organizations positioned to be potential allies in improving our financial position. A goal of sharing this information now is to attract the attention of donors who may not yet know of Bloomfield College's history, but who would support our mission of serving students from underrepresented backgrounds and communities. The College has launched an aggressive fundraising campaign with a preliminary goal of raising $10M dollars in unrestricted support through philanthropic gifts, with $1M of that collected through crowdfunding. To contribute through the crowdfunding effort, visit link.
What will happen to money donated by alumni and others?
Bloomfield remains grateful for its generous donors and external financial supporters. The College continues to use funds and seek additional funds in accordance with donor restrictions, grant obligations, and New Jersey law. New philanthropy may enable the College to maintain educational pathways that are often not otherwise available for minority and low-income students.
With which colleges or other entities are you seeking alliances?
The College’s leadership is engaged in discussions with several colleges and universities to explore opportunities to partner, collaborate, or merge. Many of these discussions have been productive and they are ongoing. Given the sensitive nature of these discussions, confidentiality precludes the College from naming the specific schools.
If a partner is found, how will that transition unfold and who will need to approve it?
A collaboration between two higher education institutions can be a complex and lengthy process. The Boards, presidents, administrations, and communities of both institutions, must work together, along with various regulators and accreditors, to ensure this process proceeds thoroughly, smoothly, and in accordance with applicable law.
Has Bloomfield College considered borrowing money or using its endowment?
The administration and Board are considering a variety of financial tools and strategies to help stabilize the College.
Will the College continue to welcome new students?
Bloomfield College continues to be accredited by the Middle States Commission on Higher Education, recognized by The Office of Secretary of Higher Education of New Jersey as a degree-granting institution and a full participant in the U.S. Department of Education’s Title IV financial aid programs and continues to welcome new students.
When will College leadership decide Bloomfield College’s future?
Bloomfield College is committed to finding a higher education and/or transformational philanthropic partner by early 2022, in order to decide if it will stay open for the 2022-2023 school year. By the beginning of the spring semester, we should know more and be able to provide an update.
When and how will you notify the school community about the future of the school?
The College will share significant updates with students, families, employees and alumni through our usual communications platforms as appropriate. By the beginning of the spring semester, we should know more and be able to provide an update.
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